Rust is not a big issue for me, so I prefer tool steels (A-2, M-2, D-2, O-1, etc.) for their extra edge holding and slight resistance to corrosion. Talonite (stellite, cobalt) are very cool, but I like to put a really slick razor edge on at least part of my edges, and tool steels sharpen nicer. I also tend to view my knives as last ditch defensive tools also, so a modicum of toughness is a requirement of mine.
I tell you what though, if toughness and obsessively sharp edges were not important, but only low maintenance, high-quality cutting, I would go Talonite all the way. I have a couple of Cobalt folders (Boye Dendritic cast Stellite), and it is really nice to be able to just swish them in the ocean, wipe them on your pants and put them back in your pocket.
Harv