One thing that's bugged my about Carbon V. A bunch of years ago my buddy and I both bought SRKs. We tried them both out of the box, both were razor sharp. Neither of us actually used our knives that year. The following year he calls me and asks why I let him buy a butterknife-dull knife. I tell him he's crazy, that SRK is razor sharp. So I go get mine, and it's dull too. The edge just micro-rusted away in storage. There was no other physical sign of rust, no orange patches anywhere on the edge, but the edge was just gone. I'm pretty sure I had at least Flitz'ed the edge before putting the knife away (my buddy likely put nothing on the edge).
VG-10 performs nicely for a stainless steel, though it doesn't seem quite up to Carbon V, which is to be expected. But VG-10 is stainless without a coating, as rockspyder points out, and does perform nicely. More importantly, I know when I take my VG-10 knife out, it will be just as sharp as when I put it away, whereas the Carbon V knife might be much duller. That may not bother you at all if you're using it for planned camping trips, where a couple days beforehand you might pull the knife out, check it, and re-sharpen. But if your usage is sporadic and you just suddenly need your knife right now, being able to rely on it still being sharp is nice.
On thing about rusting though, is that it's fickle. Some people have terrible rusting problems with Carbon V. I have not seen any rusting problems, but have had the edge micro-rust away on me. Others have not seen even that. Maybe it depends on the humidity in your area, etc. Tuff Cloth did not exist back then, or at least I didn't know about it; perhaps that would completely take care of the edge problem I saw.
I guess I really didn't answer the question directly, which do I prefer. That's because, as usual, there's no definitive answer. I don't always prefer one steel over the other. I prefer Carbon V when it works better for me, and I prefer VG-10 when it works better for me. I've outlined what I think are the positives and negatives, everything else is situation-dependent.
Joe
jat@cup.hp.com
[This message has been edited by Joe Talmadge (edited 08 December 1999).]