Damascus steel can be very very good, also very very bad.
To get the contrasting shades, one must acid etch the blade. This means for a high contrast you often have a high carbon steel like L6 or 1095 and wait for it... Nickle. Now it does not take a genius to work out that Nickle sucks as a material at the edge of a knife. Thus poor performance.
However, where steels like L6 and 1075 are used, you get very good performance and good contrast. Damascus steel blades often have an almost serrated cutting power, but tend to make poorer shavers. This again depends on the number of layers of steel.
I am getting a 5" bushcraft knife made by Trond and Steen soon... its Scandi with Damasteel. Damasteel is a combo of powdered 154CM and 12C27. Gives better toughness than 154CM on its own and better edge holding than 12c27 gives on its own. Damasteel gives reasonable contrast, but is a very well regarded material.
Its all a bit academic nowerdays with modern steels like S90V and S30V, not to mention CPM-3V. Damascus steel was a very good way to "average" the qualities of steel in the days where complex heat treats and steel purity were not possible.
Look at the consistancy and quality of the best steels made less than 100 years ago! The steel used in Titanic for example would fail almost every requirement based upon modern standards in ship building steel. It was however the very best of its day and fact is a quality mono steel can outperform most any Damascus.
Now if you are talking about modern Wootz steel...