Is it superior to normal steels in any way or is it just decorative?
Opinions wanted.
No any old technology has proven superiority so far to modern steels. There are promising legends but not yet side to side demonstration of superiority.
In old day there were no process to make steel with controlled composition. Japanese uses low temperature melting which produce very clean chemically steel but requires a lot of hammer work to get rid of air bubbles and dirt - this why they fold and hammer, fold and hummer pieces of steel to make bar from which then sword would be made. They have this layered pattern because of that process - which has nothing to do BTW with sword quality. Hamon and hamon shadow graine and color is what important, not layered pattern.
Here you may find good reading about that:
http://www.ksky.ne.jp/~sumie99/index.html
Persian made their blades out of ignots
It was made with high carbon content and so form well known to modern metallurgy tree like pattern. Same pattern D2 made. But this dendric carbides structures lower steel quality - make it brittle. So modern metallurgy consider it as bad thing and try to avoid it during melting process.
While in the past they did not have same tools and deal with that again using hammer smith magic - so in result sword became not brittle but high carbon. Dendric carbides structures evolves during that hammer work into fluid patterns (different then layered on Japanese swords) and that actually shows quality of the sword but I am not sure that this technology reconstructed yet today.
To my knowledge Ivan Kirpichev has best results and Iranian expert found Ivan's blades identical to old Persian in pattern, but I am not sure how good they are in performance.
http://www.bladeforums.com/forums/showthread.php?t=435289
I have few old experimental Inav's blades they are very beautiful, but performs as good as modern avareage steel not better (which is very good for home melted steel). I can not say about his latest blades.
According to Achim Wirtz special quality wootz/bulat has because of carbides seggregations around vanadium trace of dissolved dendric structures:
http://playground.sun.com/~vasya/Bulat-Achim.html#English
This in deed may improve performance and in Russia they do repetitive HT cycling for X12MF (close to D2) steel with good results (there are some speculations that Dozier doing same). But it is not final word yet because pattern Achim made is not same old persian blades has.
So back to your questions - there is not yet proven results as well as there is no yet finalized technology to make wootz/bulat.
Thanks, Vassili.
P.S. На моем сайте есть целый раздел посвященный булату, со статьями Кирпичева и пр. - но только все по русски:
http://playground.sun.com/~vasya/Bulat-Kirpi.html