Well both companies use 420hc, but it there are other factors to take into account. The heat treat and the quality of the steel used. I believe the 420 that case uses is basic rolled steel. Buck, Im not sure?
The heat treat has much to do with the quality of any given blade. The harder the rockwell rating, the harder the blade, harder to sharpen, but then you could end up with a more brittle blade. Less prone to "flex". The lower the rockwell rating the easier it is to sharpen, but does not hold an edge as well, and will "flex" more.
Also heat treat will affect the corrosion resistance of a blade. The harder the rockwell, the less prone to corrosion, rust, etc. The softer the blade, the less resistant it is to corrosion, rust, etc. Tehn opf course you have to take into account that properties of the balde steel being use (carbon, chromium, vanadium, molybdenum, manganese, any tungsten content, etc.)
Just because to manufactures use the same steels (same properties) does not mean you will have the same end result. The differences will not be great, but they will be noticeable.
One other thing to take into account is that Many of Buck's older knives were made from 440c, hence the popular "hard to sharpen". I believe they did not use the 420 until about the 90's? Anyone got more insight into this one?