This is directly from the KAI-Europe 2010 Catalog found here:
http://kai-europe.bagodiwa.com/images/download_files/kershaw_catalogue_en.pdf
Page 6
Here is the link to ELMAX straight from the UDDEHOLM site:
http://www.bucorp.com/files/elmax-engelsk_031103.pdf
ELMAX® and BöHLER M390 MICROCLEAN®
In our composite-blade Speedform and Volt, Kershaw is pioneering the use of these two premium steels as blade steels. Both are third-generation powdered steels. Incredibly clean, they have virtually no inclusions and offer an extremely uniform distribution of carbide. ELMAX® is a high chromium-vanadium-molybdenum alloyed steel that combines high wear resistance with corrosion resistance.
So this is a powdered steel, similar to how Crucible makes CPM steels. ELMAX claims to hold finer carbides.
The CPM process must be similar, since the purpose of it is to evenly distribute carbides throughout the metal, rather than having large chunks in some palces and not others.
Here is the data sheet on CPM steels, specifically S30V:
http://faq.customtacticals.com/datasheets/s30v.pdf
As for general comparisons:
ELMAX:
Possibly more corrosian resistant
Fine carbide distribution
Swedish origin
Primarily used in making molds
CPM-S30V
Decent corrosian resistance
American origin
Designed to be a knife steel
CPM process refines carbide structure
The info I got was from a 5 minute search on Crucible and Uddelholm. If anyone wants to contribute more please feel free. I just don't think many people have experienced this steel here in the US. It appears that ELMAX is just as tough, sharp, and hard as CPM-S30V can be, it's just a touch more corrosion resistant. Hope this sums it up for you - not really better, just different.