I hang out over at British blades and I enjoy making knives as a hobby. While I may not be the best qualified person to talk about blade steel I will certainly chime in with my ideas and opinions.
When choosing any knife there are several things to consider and the steel type is just one of them. The type or style of knife is also very important and to some greater degree, a matter of taste. To make things simple you have two choices to start with when selecting blade steel.
1. Stainless steel.
There are many types of stainless steel and now that knife making has become popular again there are many good steels that hold an edge better than stainless steels of the past used to. When choosing a stainless steel blade you will get a good knife that will serve you well provided it has been well made and properly hardened. Stainless does not however mean rust proof. All stainless steels will eventually rust if not taken care of properly, especially in contact with salt water. They are much easier to care for than a carbon steel blade and if that is all you want then go ahead. Stainless steel can be hard to sharpen, especially in he field. A diamond hone is a necessity for some stainless blades. Some types of stainless will not hold a good edge as long as a good High carbon or tool steel. Stainless steel is also more difficult to use with a fire-steel apparently. (My outdoor experience is limited to camping trips as a teenager).
2. Carbon/Tool steel
Again there are many types of carbon steel or tool steel and a well made carbon steel blade is an excellent knife to have in any situation. The care is allot more important and that must be considered. A carbon steel blade can be sharpened to a hair splitting edge relatively easily, (with a bit of practice) with regular cleaning and oiling/waxing a good carbon steel blade will equal many stainless steels and outperform others. Several professionals have stated their preference for carbon steel blades and this is not without reason or research.
There are many types of carbon steel and many types of stainless steel so after deciding between Carbon and Stainless you work has only just begun. I would suggest seeking out opinions of those that have reason to test and try different steel types but at the end of the day a certain amount of personal preference will creep in to any decision.
Here is a link to the opinions of a lerned
member of British Blades and what he has to say on the subject of steel.
http://www.synobyte.com/forums/showthread.php?t=355
You might have guessed that I prefer to work with carbon steel and having been apprenticed as a butcher on leaving school I had the opportunity to work with knives of varying quality, Blade steels and handle materials. I must admit however that I have very little experience of modern stainless steels and it has to be said that a production made knife may be good or not, but a good hand made knife is better.
I am sure some of my fellow knife nuts from British blades will pipe up with their experiences and preferences.
I hope this helps.