Depending upon the quality of the photo, the lighting, and the blade finish, it can often be difficult to see where the outer stainless layer ends and the center Super Blue layer is exposed. Look at the neck knife photos on Murray Carter's website. I think that all of his neck knives are laminated and sometimes it's difficult to see where one steel ends and the other begins. I'm sure Spyderco is not trying to mislead anyone. I'm pretty sure Sal made it clear that the blades were laminated in one of the related threads in the Spyderco forum. If one does a search for the Stretch with the Super Blue blade, one would find a number of stores that advertise the blade as laminated with 420 stainless.
Personally, I'm more than fine with the laminated blades (I do have a couple of Murray's neck knives). The stainless reduces the potential for rust and I believe makes for an overall stronger blade if I'm not mistaken. I do keep my blades clean so rust usually is not an issue, but I do think there are advantages to the San Mai construction as do a number of makers on BladeForums. What are the objections that some folks have? Now, if I can just find one. Mike