I have no experience with the Gerber knives, but here's my two cents with regard to 420HC.
I seem to recall reading something recently (probably in the Buck sub-forum), about some of the reasons they (Buck) use it. Buck originally used 440C for their blades, then switched to 425M, then eventually switched to 420HC. I think, in the case of the 440C and 425M blades, those were much tougher to machine/grind. From a production standpoint, Buck decided that the 420HC could be produced/machined much more efficiently. And, to Buck's credit, they've also managed to perfect (or nearly so) the heat treat of 420HC and the edge geometry (Buck's so-called 'Edge 2000' or 'Edge-2X') to a point where they get great performance from 420HC.
If I had to guess as to why Gerber now is using the same steel, I'd bet it may be due to the production efficiency reasons above. And, for what my two-cent opinion is worth, I don't think I've ever heard of 420HC having any brittleness issues unless, as is the case with ANY steel, it's improperly heat treated beyond it's capabilities.