Steel is like a good internet rumor; a lot of mystique, some truth, some slight of hand and a whole lot of (mis)conceptions. >>>
As far as edge holding, using Buck's heat treat and edging process, S30V is best, 154CM next and then 420HC; I specifically reference Buck's processes here because we have (CATRA) tested other's products (heat treated and edged by them) and have found knives with 154CM, ATS34, etc do not perform (edge retention) as well as our 420HC; don't under estimate the value of heat treat and proper edging/sharpening.
On toughness, in most cases, S30V will probably outperform 420HC and 154CM. >> The chemistry of S30V is such that when properly heat treated it give very good edge retention and good toughness.
Oh, heat treat can also have an impact on corrosion resistance; poor/improper heat treat can negatively impact the corrosion resistance of all of these steels.>>
Bill Keys
Director of Manufcturing and Engineering
Buck Knives, Inc