5160 is great stuff. I agree with Peter - great for a kukuri. Of course like any steel it can be ruined by bad heattreating.
If it is hard it will hold an edge for a long time, but too hard it will chip. I did a 5160 and didn't temper it enough (that is to say, left it very hard). That sucker would slice cardboard for ever and ever and ever. But the edge would also chip out.
There's a balance point (like everything) where you get the edge holding is long enough, but won't chip out with use.
Steve