Hi Wayne. From my understandng, the primary differences are the addition of cobalt and the refinement of the steel in the mfg process.
Steel is a variety of elements that, when properly mixed and cooked, give you a unique material capable of surpizing tasks. The combinations produce end results that might also be different in different areas. One steel may be better at corrosion resistance than another, but not as good in edge retention, etc.
When we began testing VG-10 in the mid 90's, we were very pleasantly surprized at the results. Numbers can only tell you so much, but when it comes to steel, the long term study is more accurate.
MBS-26 tests far beyond it's numbers indicate both in edge retention and corrosion resistance. In MBS-26, much of the success in the performance has to do with the meticulous heat treating required. Kind of like a 9mm cartridge being more efficient. Just the right combination.
We've also found that different foundries seem to produce different results even with the same or similar chemistry. Like knives and autos, some companies seem to do a better job at the end result.
It's very difficult to determine the performance of a steel just from the numbers. An indication can often be determined, but in the end, consistant testing tells much.
sal