I think most use the full quench because you acheive a more uniform composition in the steel, especially in higher alloy steels. A full quench will prevent the formation of pearlite or other unwanted structures at the quench line that could potentially weaken the blade. Again, this is my understanding, and maybe some of the more knowledgable people on this forum can give more details.
I full quench, temper, and then draw back the temper of the handle and spine of the knife with a torch if I feel I need a softer spine/handle. Keep the edge under water so it doesn't get too warm. It's basically a differential temper as opposed to a form of differential quenching (i.e. edge quench). In a smaller knife used for cutting chores or light work, drawing the temper back on the spine/handle isn't really even necessary. I usually do it if I am making a heavier purpose knife/camp knife with the idea that a softer handle/spine may increase the impact tolerance of the steel while still maintaining a hardened cutting edge.
--nathan