I'd say if you judge it by the same metrics you judge other knives that you like, there's a good chance that you'll be disappointed. I do really like 154CM as an allrounder steel, but the materials and fit and finish aren't impressive for the price compared to the other options out there. Emerson does things differently, but there's intent behind the design choices and the end result is a dependable tool.
I think there are a few reasons why they want to stick with this steel. For one, the signature chisel grind was intended to make it easier to sharpen in the field with limited tools, and an upgraded supersteel would subvert that goal. Emerson also uses bare titanium on the linerlock, the idea being that it will gall against the blade steel if subjected to a jolt and prevent the lock from slipping and failing. On the flip side, titanium with no insert or heat treat will wear through faster. This is even more of an issue with newer steels that have high levels of carbides, so they might need to stick to 154CM to maintain an acceptable lifespan on the lock. Finally, 154CM has decent edge retention but also has excellent toughness and corrosion resistance, important characteristics for a hard use knife. Bob Loveless arrived at the conclusion that this alloy was the ideal general-purpose blade steel, so I can't fault anyone for using it.