Dave
The reason I went with mcmaster was the quality, I would put 6-8 hrs forging , heat treating and sanding to a mirror finish, 5160 from admiral, just to have to junk the blade because it would be full of trash left from the rollers when hot rolled. I was getting cleaner and nicer looking blades from old leaf springs.
I had a piece of 52100 from admiral and compared it to mcmasters 52100, same size, forged and heat treated the same, mcmasters steel would perform all my tests with enough significant difference in edge holding and blade strength that its worth the extra money to me.
I like saving money, as much as the next guy, but not if its going to take away from the performance of my knives. Like it was stated before "to each his own" but even though a suppliers steel might have the same name and numbers, it doesn't mean its all equal.
I haven't compared any other of admirals steels with anyone elses, they might be of equal quality, but if you think all steels are equal, no matter how sells them, do some rope cutting and bend tests with your blades, you might be terribly surprised.
These opinions are my own, concluded from my experiences, we all have our own opinions of what we expect from a knife, but mine is to make the best and toughest blade I can.
Bill