AUS-6 is certainly no VG-10; however, as Spyderco's version, it is still a good steel. When I think of "cheap, low-end steel," I think of, perhaps, "surgical stainless" or 420J2 as a blade steel, perhaps (though not as a liner material). Like the unnamed steels used in the Made-in-China Spyderco knockoffs you see sold at the car wash. They don't usually take or hold an edge well and can't cut decently.
Ten years or so ago AUS-6 would have been one of the upper-end steels. Simply because there are more advanced steels now available doesn't suddenly make it a bottom-of-the-heap steel.
Most non-knife nuts really don't care about the steel beyond does it cut well; is it easy enough to maintain; and when it needs resharpening, can I do it with as little difficulty as possible? So for them a steel like AUS-6 may be just the ticket.
I have a few knives in AUS-6, and though I like the performance in some other steels better (such as 154CM, S30V, VG-10, and 440C), I have not been disappointed. In fact, sometimes I am a bit surprised how well the AUS-6 performs given the reputation it has among some knife enthusiasts.
Jim
