I really like AEB-L. It is an excellent steel for some uses.
I have to admit, I was not impressed with AEB-L when I first looked at the chemistry. Devin Thomas told me the steel was good, but I could not get past the unimpressive chemistry.
A few years ago I finally bought a kitchen knife from Devin and started testing. The knife is a slicer with a 6" blade and .078" at the spine. Hardness is HRC 62. Within a month the knife was everyones favorite. After a few months I abused the knife to try and get it to chip. I used (abused) the knife to deburr aluminum dies and scrape sealant from the dies. It did not chip. It has been used and abused and will not chip. It resharpens quickly and holds an edge for a long time. I think AEB-L is the best value/performance steel for kitchen knives. It would not be my first choice for a knife that cuts abrasive materials. AEB-L excels when cutting meats and vegetables.
I've spoken to the Uddeholm metallurgist about the chemistry of AEB-L. The chemistry is not impressive for a reason. The steel was developed specifically to make razor blades. There is only enough carbon for the steel to get very hard, but not make any chromium carbides. All the chromium in AEB-L goes to corrosion resistance. Not having chromium carbides is why AEB-L does not perform as well as other steels when cutting abrasive materials. The advantage of no chromium carbides is extremely fine grain. AEB-L sharpens to a scary sharp edge.
AEB-L is made by Uddeholm at their strip mill. Strip mills like to make big rolls of thin (.020"-.100") steel. The thickest steel they've made is .136". We pestered them for years to get the .136" and they finally agreed. After rolling .136" they complained it was too thick. We have not given up getting thicker AEB-L.
AEB-L has specific heat treating requirements. If you want to get maximum performance it MUST have a cryo treatment immediately after quenching. The Uddeholm metallurgist told me a delay of a couple hours between quench and cryo will result in up to 30% loss in edge holding. When I write "cryo" it also includes sub zero processes. Another interesting heat treating fact is cryo soak is not required. The metallurgist said once the steel reaches -105°, there is not benefit to letting it soak longer. Some steels require cryo soak, AEB-L does not. I've spoken to Brad at Peters Heat treating about the cryo requirements for AEB-L. He said he has two heat treat recipes. One with a snap temper before cryo, and the other goes from quench to cryo. If you have Brad heat treat your blades (which I highly recommend), discuss which recipe works best for you.
IMO, AEB-L must be heat treated in the upper hardness range to be effective. The steel is not available in thicker material so camp, chopping, tactical and sharpened prybars are not likely. Use AEB-L for thin slicing knives at HRC 61-62. If you want a lower hardness, choose a different steel.
We started stocking AEB-L in 2010. At that time, nobody was stocking the steel. We buy AEB-L directly from Uddeholm.
Chuck