It makes good general use small knives. It wont withstand a lot of lateral pressure or use on hard substances, but it wears a real long time (its primary industrial use is wear bearing surfaces, high pressure steam apps, and cutting tools in industrial apps-the tips on most japanese resaw bandsaws are stellite and the blades they use to make cornflakes are too. The high pressure steam valves in nuke subs are faced with it and I understand that they also make the steam turbines out of it).............sooooo, it makes a great long wearing knife blade for general utility use, not for loggers or cowboys who might use it to pry off horseshoes!
When cutting it always use an abrasive wheel, when drilling it always use a carbide drill bit.