About the cutting competitions:
A few years ago the competitions were run by the ABS and the competitiors were required to make thier own knives. Now the events are run by Bladesports International. Competitiors do not have to make their own knives but are required to use knives that have been certitifed by Bladesports. Custom and Factory production knifes are allowed as long as they have passed certification by Bladesports.
Likewise, all competitors must be certified by Bladesports before they can compete. This insures that they have been properly trained.
There is more to this sport than meets the eye and many of the competitiors take it very seriously. They have put a lot of effort into training, technique and developing the best knives for the challenge. It is a unique test of both the knife and the person using it.
The competition courses have multiple cutting challenges. Some required force, some speed, some a light touch and fine edge. There are always some standard cuts such as the 2x4s and hanging ropes but there are also one or two surprise cuts that the competitiors cannot train for. The surprise cuts might be cutting a wet rolled rice mat or slicing the tip off of a flexible drinking straw without bending it.
Many of these cuts are much harder than they look. Cutting a hanging 2" rope is actually very difficult. Speed is also a factor and some of these guys can chop through the 2x4 in a few seconds. The record is under 2 seconds. On some cuts, such as line of water bottles, if you get it right you hardly feel it. If you hit it wrong it's like swinging your knife into a brick wall.
Warren Osborne explained to me how balance and weight distribution are critical elements of the knife design. He said that more competitors have chosen a cleaver type design rather than a Bowie clip point design because it offers more options in weight distribution and knives of different weights can be made from the same design while maintaining the preferred balance. The more weight you have in your hand as compared to weight in the blade, the faster the tip speed. Some power cutters like Gary Bond prefer a heavier knife up to around 1 pound 8 ounces while others like Warren prefer a lighter knife around 1 pound 4 ounces or lighter.
As for the steel, they like M4 because they can make the blade thinner. M4 will take a pretty high degree of hardness without becoming brittle. Most of the M4 competition knives are around 61 Rockwell. Some do use knives made from 01 or other steels. The knives are immediately checked after each round and is disqalified if any damage is found, including any chips or rolling on the edge. Of course failure such as a blade snapping is a major concern as this is a spectator sport and they really don't want pieces flying. Blades have broken it is rare as most competitors have thoroughly tested their knives in training before a competition.
All of the competitors that I have talked to have said that one of the benefits of competing is that they learned a lot about knife steel and knife design. Many are full time knifemakers and they have applied what they learned to their ordinary non-competition knives.
Go to a cutting competition and talk to the cutters. It is a very entertaining and educational experience.