I'm a collector as well as a maker. You're probably correct. There may be very little effective difference between the top steels. Personally, I am a forged carbon steel guy but I buy almost entirely folders when I collect and they are pretty much stainless.
I think there is a difference when it comes to how the heat treat is done. I've tested plain single quench, single temper ATS-34 or 154CM against the crygenic treated and multi-tempered ATS-34 and there IS definitely a difference. Edge holding, edge quality and probably the fineness of grain structure is affected. Powdered steel is probably less affected by just having one heat treat cycle.
440C has poor edge holding in my book, even with crygenic treatment. Adequate edge holding really starts with cryo-treated ATS-34 and RWL-34, the Swedish powdered version of ATS-34 which has very consistent fine grain structure. BG-42 done properly, is the next step up. VG-10 is then the ultimate non-powdered steel, apparently. However, once again it comes to the heat treat. I've handled a couple of Japanese-made chefs knives which were made of this VG-10 but they were tempered so soft (55-56HRC)that the edge holding was markedly affected. Whereas, the new Fallkniven VG-10 folder has amazing edge-holding at 58 or 59HRC.
As a cynic, I note that the newer more complex steels require equally more complex heat treating procedures. These add to the price. Is cost equal to quality, equal to exclusivity ?
The steel I'd watch is CPM S30V which everyone is raving about. From the elemental anaylsis, it actually looks a lot like a powdered version of D-2, which is definitely a good thing. Powdered steels like S60V (440V) and S90V (420V) are very hard, wear resisant steels but particularly hard to sharpen when they blunt. Some are also unfortunately very prone to breakage.
Sorry to confuse the issue, but there is a multitude of steels out there and I haven't even mentioned Talonite or Stellite Y6K which is not a steel actually. Exclusivity is in the eyes of the beholder and when purchasing a collector-grade knife you need to look beyond the steel type and consider the completeness and execution of the whole package.
Cheers.