I think it's impossible to point to one thing, since if anything is too far out of balance, the steel doesn't work. However, I've made it my latest mission to see if I can change the minds of you "edge retention" folks. Don't get me wrong, I love edge retention, but there's something I've come to think of as more important for me.
More and more what I love is performance. Given two steels sharpened at 18 degrees per side, sure, I'd pick the one with the better edge retention. The thing is, they're both sharpened at 18 degrees per side, and as far as cutting performance -- the main mission of the knife in the first place -- they will perform identically, except that one will last a bit longer than the other. What if one of those knives had properties that let me sharpen it down to 10 degrees per side, where it would let me outcut the 18-degree-per-side knife by many to one. Ultimately, isn't cutting better what it's all about?
So, I look for performance. By that I mean, I look for the steel that lets me get the highest-performance (usually means lowest-angle) edge, without losing its edge through cracking, indenting, abrading away too quickly. Given one knife that can outcut another by 10-to-1 (that is, I can do in one cut what it takes the other to do in 10, which is easily possible by reducing the angle), but loses its edge a bit more quickly, I'll take the performer, every time -- and the fact is, so would most of you guys who are saying edge retention is your top desire!
So, ultimate cutting performance with reasonable edge retention -- ultimate edge retention not required -- is my goal. That means whatever combination of strength, toughness, and abrasion resistance is applicable to the particular job this particular knife is meant for, and that changes based on the knife. It also means that I personally am responsible for ensuring that I sharpen at the best angle to bring the cutting performance out.