I like all the steels that where suggested, but one of the things that I like about this knife is the cost. The cost I believe is very important, it alows you to customize your own knife that has a nice blade shape without being cost prohibitive. you could make a very nice setup for $100-$150. I just bought my first spyderco and I plan to buy a mule either in the next batch or when they make a stainless model, I would prefer it if they kept it under $50-60. I personaly think that $40 is a good number, its not very expensive so it won't dent peoples pockets to much. I may stand alone, but I don't have budget that alows me to buy a new knife every day, week or month.
I have no problem dropping $40 for a fun project.
I personaly would like to see H1, as I will probably use the knife underwater and carry it on my leg where it will be exposed to sweat.