Any answers you get to a question like "what is best" will leave you so short of information that it'll be really misleading. There's a lot of variables in "what is best". I can probably think of a scenario that favors almost anything. It's always nice when you can just come to a conclusion like "X is best", and go away happy -- in fact, many people do come to that conclusion, and do go away happy. The accuracy of their conclusion is always highly in doubt, though.
One good way to learn about steels is to postulate a very specific use. Be as specific as you can about what you'll be doing with the knife. You will *still* hear a number of answers, depending on people's experience, preferences, etc. Which will tip you off quickly to the fact that given any particular job, there are almost always a number of steels that belong on a "best" list, though they have myriad different strengths and weaknesses versus each other.
Besides what you're going to use the knife for, choice of steel also depends highly on heat treat, choice of steel manufacturer, edge geometry, etc.
As a short answer to your specific question: Titanium is extraordinarily corrosion resistant, lightweight, and has no magnetic signature (useful if around magnetic-detonated mines, or just puttering about the garage playing SEAL. Not that I do that
) On the other hand, it doesn't take an edge well, and loses whatever edge it has quickly. ATS-34 is considered "stainless" but is one of the least corrosion-resistant of stainless steels. It holds an edge okay, takes an okay edge, and is moderately tough. To make things more complicated, though, there's a different heat treat for ATS-34 which results in a tougher and more stain-resistant product, possibly at the cost of wear resistance. Lastly, we have M-2, an alloy (non-stainless) high-speed steel. It is tougher than ATS-34, holds an edge better than ATS-34. It does rust pretty fast.
Which one is "best" totally depends on what you're using it for, how much maintenance you're willing to put up with, what kind of performance you're expecting, etc.
Joe