I believe that it was knife-maker Bob Loveless that first made this steel popular back in the '60s. It was the "super-steel" of that era; being one of the first stainless steels available. And, until the introduction of ATS-34, 154CM was the steel of choice of many knife makers. It was first designed for use in the aircraft industry as they used it to make their jet-engine rotors with it. Once the demand dropped for 154CM in the air industry, so the supply also dropped for knifemakers. I believe that it was ATS-34 that took its place. ATS-34 was the Japanese equivilant to 154CM.
My opinion of this steel is that it is great stuff, when you can get it. I also think that with the newer steels coming out, 154CM will kind of fade out of use. I mean, with CPM-440V, VG-10, and other new steels available, 154CM really isn't "up to standard" anymore. Maybe "up to date" would be better said.
One thought- As long as it says "Spyderco" on the blade, you can't go wrong! <img src="smile.gif" width=15 height=15 align=middle>
~Spydernut