Toughest PM2 version

D2 is not a tough steel relative to others.

That's right, we've been incorrectly calling CPM D-2 "D2". D2 is not tough, but CPM D-2 is (different steel). The steel used on the Military pictured is actually CPM D-2 and that is a very tough steel compared to the list of steels used on PM2s. Still A2, PM M4, 3V or 4V would all be tougher.
 
What kind of toughness attributes would be relevant in a knife like this either way?

Genuinely curious. Not being a smartass.
 
If you were to use this knife in a way that is beyond what it was intended for like batoning branches or trying to chop down a small sapling "toughness" would mean impact resistance. Toughness also refers to the blade's resistance to chipping. Toughness is generally a lower priority in a folding knife because fixed blades are so much better at "toughness" related chores, but for an all- purpose folder or a "wilderness back-up option" toughness in a folder is worth considering.
 
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