I don't think that the problem is the steel. It is a good value steel that I am happy to have on my sub $50 - $75 knives. The problem, I believe, lies in the Manufacturer. When companies decide to use AUS8 on knives priced at greater than $100 is where the "big deal" starts to come into play. At that level, instead of upgrading the materials, companies would rather pocket the profits and tell you why that value steel is still the best and how much of a great deal and the great steel you are getting.
I really like my CS recon 1, my 3 Voyagers & my Spartan but I like them at the price I purchased them. Knowing that AUS8 is an inexpensive steel, I have a hard time paying $250+ for a Espada. That right there is getting into custom blade territory or at least high end production knives. Especially when I can get a Spyderco, Kershaw/ZT or Benchmade with more value over all and a much better steel.
I compare it to buying a ferrari and looking under the hood to find that it has a 4 cylinder Honda civic engine. Now, there is nothing wrong with the Honda civics engine, it is a reliable proven engine. Though, at that price, you were looking for much more for your money.
Or, as a buddy of mine would say, "You can't just sprinkle sh*t in my cornflakes and tell me it's captain f*ckin' crunch"