Dstoll,
I'm quoting a recent post by Ethan Becker on the Camillus Forum (Kabar vs. BK7 thread):
"Hey Dan
Thanks for a great leading question. Most stainless steels that I am familiar with have only one thing to recommend them for cutlery applications ....they do not rust as rapidly as carbon steels. 440A has excellent mechanical qualities and is IMHO a decent performer . Better is 154CM from Crucible. The newest Crucible Tool Steels offer great promise, I really like CPM S30V
(When Chris Reeve goes bleeding BONKERS over something I listen very,very carefully). Some carbon tool steels have outstanding aggressiveness. You can feel the talons (OK,OK They are in reality carbides) ripping microscopically away !!!
I have a few Murray Carter kitchen knives that I use on a daily basis and they are of various Hitachi carbon steels and they outcut any stainless I am aware of(S30V may just be a real sleeper here... time will tell). In my experience if you get the most devoted stainless fan who has wide experience in the field drunk enough he will admit that stainless is mostly just prettier.
I have reasonably extensive using experience with several Carbon steels and of those, that , I think have both the mechanical strength as well as that really aggressive edge that I love so much Are:
0170-6C, A2, Carbon V, 1095, 4140 and D2.
I should also mention price differentials... 1095 , 4140 are both really inexpensive ( note I did NOT say cheap,) Jerry Fisk makes his knives from any damn thing he wants and he mostly wants 1095. A2 and D2 are a bit pricey more but still probably 1/4 that of say...440A and way less than a tenth of some of the better exotics. Mind that that el inexpensivo 1095 will out perform the expensive chromium blondes in aggresiveness, edge retention and ease of sharpening all day long.
Hope this helps....
All Best...
Ethan"
Ethan clearly prefers carbon steel over stainless, and I suppose he should know. Most of my experience has been with stainless, personally, so I can't comment much on the high carbon steels. I prefer 440C, or sub-zero quenched 440A, depending on the use and application. I am not a big fan of ATS-34 - it's harder to sharpen than the 440, not as corrosion resistant, and doesn't hold an edge much better than 440C. I generally prefer the stainless due to lower maintainence required. I've heard plenty of stories about high-carbon blades rusting in their sheaths (especially leather) in between periods of use. And you DON'T want to leave them the least bit wet. Doesn't work too well on float trips, or rainy camping days. Just my personal opinion.
Still, I trust Ethan is right that the high carbon holds its edge better. Seems if you want more agressive cutting action for stainless, you could use a coarser stone to sharpen...
All in all, I'd agree with the others that it depends on where and what you plan on using the knife for.
Dan