Depends on the environment the knife will be used in....in wet conditions or near salt water, AUS 8 gets the nod....Carbon V (at least the first-generation of it that I have) is very tough, takes & holds a good edge, but requires a little more maintainance.
I think most would take the Carbon V. Many of the blades in this steel are coated, so rust shouldn't be huge problem unless subjected to total neglect. I've heard some people have taken Carbon V into the ocean and just rinsed it and wiped it with an oily rag afterwards. I think it's superior to San Mai III, too, which is a bit of a gimmick.
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