indeed, I think the steel in the Trailmaster in San Mai III does very well. It is the handle that I did not like as much. I used it for years. It does tend to roll more in the hand than other knives (like the FBMLE, or many other choppers with a different handle shape)
The steel it's self performed great. Great edge retention. Never had problems with chips etc. It stayed sharp for a long long time. In that price range I would probably recommend something else. Fallkniven Thor I think has the option of stacked lether handles. I would prefer Micarta though.
nothing wrong with a good stainless. Especially if you don't intend to do any maintenance or care for the blade.
Tool steels, and high carbon steels typically give a performance edge in edge retention and strength, but not by lightyears.