For folders I want stainless. Something that sits in my pocket collecting debris & has hard to get to crevices is too much of a hassle for a non-stainless blade. Now in my fixed blades, especially a tree-beater, I prefer a tool steel blade.
I would get one if it was a useful folder. Best would be IMHO M2 or the like. Great reputation for taking an holding an edge. A finer and harder edge than possible on stainless.
I know there is much involved in a new production knife but it would be interesting to see Spyderco do a Mule, limited production run using tool steel on a folder. My sharpest knife that would cut the longest between touch-ups, was a 3 1/2" tool steel blade.
The 52100 should be awesome but it has NO corrosion resistance at all and will rust if you look at it sideways. I have a Swamprat Warden skelly that is 52100 as well and it is a heck of a cutter and the geometry is not even as good as the spydy Mule. I am a huge fan of tool steel and a lot of it is somewhat corrosion resistant. S7 is my favourite steel for big bowies and it has pretty decent corrosion resistance but would make a terrible pocket knife. Something like CPM10V though would be wicked and could even give ZDP a good run for it's money.
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