S30V has really dampened the appeal of Talonite, IMHO. It CAN rust, but you almost have to try to make it do that by abusing it. It's very expensive and S30V is the same price as ATS-34. Also, Tom Mayo has not been taking orders for the TNT, since his deal with Buck. The TNT was a prime mover of the Talonite market, since the knife was built of entirely non-corrosive material. Comes in handy if you live in Hawaii, but not really worth the scratch for the "average" user. There are some makers still using it, and obviously Camillus is still producing the EDC and Cudas in Talonite, but since the arrival of CPM S30V, it's much less sought after.
It is a neat metal, since it's inherently "slippery". It also has great edge-holding, but little hardness. I've been told it's tough to work with, but for "special" applications, it's probably worth it. I think most everyone missed the boat with this material, since it would make the world's BEST fillet knife, but I've never seen or heard of one.