A great steel and fast disappearing as more and more steel mills move to newer (though not necessarily better) alloys. Not my favorite for large blades that will see impact-work (chopping, batoning) as it tends to be more on the brittle side of the carbon steels (still tougher than most stainless steels), but it takes and holds an edge very well. I have several smaller knives made out of it and it makes a great hunter/skinner/general utility. I've head it described as a much more forgiving (for the maker) replacement for 1095--less chance for mess ups in the heat treat.
I'd say it is in about the same class as A2 in terms of its ability to absorb punishment, though A2 will have higher abrasion resistance, which has varying degrees of importance depending on the cutting task being performed. As one who likes differentially tempered blades, I have to give the nod to W2 between them since A2 is an air hardening steel, but this has more to do with preference than anything I could backup with performance-based facts.