Ok guys I will jump in with Mike Carter here and try to help explain why we use CPM-M4 for our competition blades. I guess an introduction would be appropriate. My name is Donavon and I compete in the BladeSports competitions. I am also sponsored by Spyderco. I can't remember all of the questions that have been asked in this thread, but I will answer what I can to the best of my ability.
I use CPM-M4 for my comp blades and most of my personal blades for that matter. CPM-M4 is a good mix of wear resistance and toughness. As Mike Carter said most of our competition blades are 61 Rc. At this hardness we can grind our blades thin and still have them hold up to the 2x4 and 3/4" hardwood dowel. We want them as thin as we can for the "finesse" cuts (straws, ropes, paper towel rolls, etc...) The compromise is to make a knife tough enough to chop through a 2X4 and hardwood dowel and still be thin enough and remain sharp enough to cut a plastic drinking straw and 2" rope. M4 allows us to do that.
As far as construction goes, I personally use 3/8 thick M4, most others are using 5/16 and some have started experimenting with ¼. The deciding factor on the thickness of steel is the weight you want to end up with. The knife I currently use is 1lb 9 oz. There are a couple of 1lb 10oz, and one 1 lb 11oz I think, some of the lighter ones are 1lb 3oz. Anyway, the cleaver style is not that attractive I will be the first to admit, but for me the straight edge and weight forward out-weigh the looks. Some guys are still using traditional shaped blades. I plan on trying a traditional shape knife again in the future, but time constraints have me right now.
The construction of our knives is not that different from most, we just push our edges a little farther than some. Most, if not all are flat ground with convex edge. As far as the angle of the edge it is hard to measure that. I will say that while sharpening on the belt I sometimes accidentally hit the spine on the belt, that is about the only indication I can give of edge angle.
As far as sponsors, as I said I am sponsored by Spyderco. They are also a corporate sponsor of BladeSports and sponsor another cutter, Jose Diaz, in Washington. Spyderco is a great company that believes in testing knives and steel, this is something that they do everyday.
The following is part of our mission statement. The keywords here being tool and safety.
Our mission statement is BladeSports International, Inc., is a Texas non-profit corporation formed to promote knife safety, provide workshops and cutting events for its members, and to inform and educate the public with regard to the safe use of a knife as a tool.
I know I am skipping around but I am trying to answer questions as I remember them. I know that the price and availability of steel has been mentioned. As far as availability, any steel in 3/8 thickness is a challenge to find. So this in itself presents somewhat of a challenge. It is also hard to order small volumes of steel from some companies. So if I have to order lets say 600 lbs of a steel in 3/8 just to test and I build a couple of knives and it does not work, well there is not a large market for 3/8 thick knives with 4 blades. Sorry if that sounded like a smart-alecky comment, but didnt know how else to say it. As far as price, a piece of CPM-M4, 3/8 thick, 2.250 wide and 36 is right at $200. So a comp knife costs me $100 just for the steel. I know there are more expensive steels out there but that is high enough.
Ok, one more topic, steels that have been tested. I know of some but not all of course. S30V as Mike mentioned, 440C, D-2, 5160 (I use 5160 for practice knives and prototypes), 52100, and 3V are some that I remember. The stainless steels do not hold up well because of the chromium content. I am not a metallurgist, so I cannot explain the science as to why. I know that they will hold up for awhile then fail. One of the things that make comp knives fail is the fact that the edge flexes with each chop, I am mainly referring to the 2X4 and the hardwood dowel. So just like a piece of wire, if you bend it back and forth enough times it will break. CPM-M4 is very resistant to this, especially considering the hardness and the thinness of the edge. Other steels are also resistant to this but most are not at 61Rc. I would like to find another steel that is and is also cheaper, that would be nice.
I will be glad to field questions, I will answer them to the best of my ability. Thanks for taking the time to read my rambling and I hope it is helpful to someone.