Dan - "just Stainless" means that you are "just learning" about steel. Perhaps I can throw in some truth so the "hype" doesn't get you.
Modern stainless steel can be very good. there are stainless steels that hold their own against tools steels quite well.
There are also tool steels that make a lousy knife blade.
Without the "proper" heat treat, they are all not going to perform anywhere near their "touted" performance.
As your understanding about steel grows, you will learn that there are a few simple truths, but there are also many, many variables.
The SpydeRench is cast from 4 pieces of a precipitation hardening steel called out as 17.4ph. It was the best material that we could find for this application. It is a little heavier that titanium, but considerably stronger. It is also very corrosion resistant as we believe this tool will spend much time around water.
The blade is hollow ground "Spyder Sharp" 440C. (60/61 Rc). Again the best of the very high carbon steels that is also very corrosion resistant.
For a comparision, 440C has approx 1.% carbon as compared to for example Leatherman's blades which are 420J2 which has about .5% carbon.
Of course, our tool is probably more expensive than the others in the market. I believe (IMO) that Spyderco gives you more "value" for dollar each spent than most of the other Cutlery companies.
Hope this helps.
sal