My views could be construed to be a part of the steel snob contingent. I think I bring some balance to the snobbery, and a mild disgust with "the latest fad" steel when presented in an unbalanced way. With those admissions up front, I continue...
Corrosion Resistance
With steels (and with non-ferrous alloys, as far as I know) the degree of corrosion resistance is
generally correlated with overall chrome content, but that doesn't tell the whole story... there are too many exceptions in the 420, AUS, and CPM families. Corrosion resistance is
strongly related to
"free" chrome content.
Chrome is bound up into Chrome Carbide during the smelting process by the inclusion of Carbon in the mix (and of course carbon is what allows iron to become steel). This is a relatively good thing in moderation, since chrome carbide tends to run Rc60 and aids abrasion resistance somewhat.
I'm not a metallurgist, but I've worked with several in my line of work, and they all informed me, independently and over a 15 year time period, that corrosion resistance of a material is a function of the oxide layer that forms on the surface of any steel or other alloy... it is the oxide layer that prevents corrosion, not the underlying metal alloy per se. Chromium Oxide (Cr2O3) is the responsible party. So chrome must remain "free" from being bound up with other atoms (carbon notably) at the surface in order to oxidize in air. (If some metallurgist reads this and can get us closer to the truth, please chime in.) Just like iron turns to "rust" when it oxidizes to Iron Oxide (Fe2O3), Chromium oxidizes to Cr2O3. The difference is that Cr2O3 is a very tenacious, tough, and self healing oxide, whereas Iron Oxide is very brittle and flaky.
On point, here are a couple of threads that Google turned up:
http://www.mcwelding.com/morelinks/stainlesssteel.html
http://www.ssina.com/stainless/
As you use a knife, you wear off the Chromium Oxide, but it self-heals very rapidly if even small amounts of oxygen are present. (this is one reason that metals subjected simultaneously to both corrosive AND erosive mediums are worn and corroded away so quickly...erosion continuously scrubs off the Cr2O3, and the corrosive elements have a field day at the same time [especially if oxygen is not around to "self heal" in a liquid environment], competing with oxygen to react with the underlying alloy).
I'm not a diver, but would guess that a very heavily used dive knife would corrode pretty badly, as the chlorides in sea water would go after the underlying alloy pretty aggressively. Most dive knives are probably not that heavily used though...occasional prying and poking.
Knife materials
In developing 440V, Crucible started with 440C, i.e. a 17-18% chrome steel, to which they added a big dose of Vanadium (6%) and about double the carbon (2.15% vs. 0.95-1.2% for 440C) in making a more wear resistant stainless. Problem is 440V gets relatively brittle above Rc56, depending on who and how the heat treat is done, and despite the CPM steel's tendency to have a fine grain structure if handled correctly.
According to Crucible, 420V does notably exceed 440V in terms of corrosion resistance. Not sure I know why, but suspect that super high vanadium content (9% vs. 6%) in 420V causes much of the available carbon to bind with vanadium into Vanadium Carbide, and leaves more of the chrome available to remain "free" after carbide formation. 420V also is tougher at a given hardness, and it also is more wear resistant than 440V.
I've stated before that 440V is pretty much obsoleted by 420V. The reason 420V didn't replace 440V in the production houses and with some makers is that 420V requires a much higher austenizing temperature in heat treat (oven limitations) and is harder to put a nice finish on, and harder to grind in general, so only the more dedicated custom makers have tackled it.
Now with S30V on the scene, 440V has been theoretically AND practically obsoleted, due to S30V's tractability in heat treat, and improved toughess at a given hardness, and similar edge retention/edge wear characteristics. S30V can generally be run 4 Rockwell C points higher than 440V (due to superior toughness) so is going to make a better edge holder, and knife steel, overall. S30V's toughness can be run at least 2-3 Rockwell C points higher than 440C, generally conducive to edge holding (slicing, push cutting).
Example of 420V's corrosion resistance: I smeared fresh lemon juice all over a 420V blade and let it sit for 3 days. It did not corrode (no rust, no pitting), but it did discolor somewhat... it is a beadblasted blade, and in a couple spots, not all over the blade, the blade turned darker, to a light gray instead of silvery.
S30V contains 14% chrome, 4% vanadium, 2% molybdenum, along with 1.45% carbon. It is purported to have corrosion resistance on par with 440V and 440C. S30V exceeds 440C in all areas of performance save "ease of sharpening", an overrated trait IMHO, see below.
The low carbon 420J stuff doesn't bind up much chrome in carbide content so free chrome is available for corrosion resistance here also. Of course, 420J is a very mediocre (being kind) edge holder also. From memory (my Crucible handbook is packed up for moving), Crucible lists 420J as having twice the corrosion resistance as 440C (probably salt spray test). But for me, the tradeoff in edge holding is not worthwhile. I'm not sure how 440A would compare to 420J, probably pretty close in corrosion resistance. But 440A would exceed 440B and 440C in corrosion resistance for same reasons (more carbon around in 440B/C to bind up chrome in form of chrome carbide) with similar, inverse tradeoffs in edge holding. The 420HC stuff that Buck uses is an underrated steel also, and will be about as good as 440C in terms of corrosion.
Talonite and Stellite will be the most stain resistant, serviceable knife blade materials you can find since they are not steels, but are cobalt/chromium alloys (no iron, or well, very small amounts of iron). No iron means no "rust" or Iron Oxide. Generally, if you can put your hand in it, it won't bother Talonite/Stellite. Generally #2, you have to get into very low pH acids to corrode these CoCr alloys. These CoCr alloys run soft (Rc 42-48) compared with most blade steels (Rc 55-62), but are very abrasion resistant, so they make pretty good slicing knife blades (although edges tend to roll more easily, making the grind geometry more important than usual on these). Since they are relatively soft, I find the CoCr's to be very easy to sharpen especially with diamonds, and very responsive to steeling to realign the edge.
Titanium alloys can be excellent in terms of corrosion resistance, bending strength, strength-to-weight ratio, and toughness, but not in terms of being an edge holder for slicing chores (soft). They tend to underperform the CoCr's in this area, even at their hardest.
Bottom Line:
Nothing wrong with 440C. It is firmly "mid range" in terms of stainless cutlery steel in overall performance, and serves a purpose still. It is cost effective and relatively stain resistant, near the top of stain resistance for blades suitable for good cutting performance, and easy for most any maker to grind, heat treat and finish.
Other than price, or the desire for a fancy mirror finish on a "not to be used" display piece, I can't think of a single reason I'd choose 440C from a custom maker now that S30V is available, not for a single using knife, large or small. If buying a set of custom kitchen knives, 440C would be a good,
cost effective candidate if heat treated to at least Rc58 by a competent maker.
A personal bias: ease of sharpening is very low on my list of desireable attributes. In general terms, anything easy to sharpen is easier to dull in use. (there are a few exceptions that generally prove the point, e.g. a well heat treated 52100 blade). Anything easier to sharpen generally has to be sharpened more often, making the "need to sharpen now" that much more likely to happen at inopportune times. Buy diamond stones, or a small folding diamond sharpener for field sharpening, and obviate the need for a knife that is "easy to sharpen". This is one steel trait that you can overcome with a bit of knowledge (how to sharpen) and a bit of foresight (carrying a small diamond hone with you to the field).