I went by Gander Outdoors yesterday to buy a Marlin 60, and I saw that Buck actually BRAGS about 420HC on their knife packaging. Disappointing. It's very clearly a downgrade from 440C, intended to save them money. Why not be honest so customers don't come to hate you? I wouldn't buy a Buck now without checking the steel type first.
I read that 420HC can't be hardened past Rockwell 55, as compared to 58 for a quality knife that holds an edge. The 420HC Gators I have lose the ability to shave hairs after cutting the paper tape on a few packages or slicing nylon rope. I literally have to sharpen them every time I use them, if I want a sharp edge. It's like what I go through in the kitchen with Forschners. Cut, cut, cut, sharpen. Cut, cut, cut, sharpen. But in the kitchen I have diamond hones handy all the time. I'm not going to carry a chef's hone with me everywhere I go.
They say 420HC is tougher than expensive steels (because you always have to look for a "feature" to pimp when you debase a product) but expensive steels are tough enough, and they also stay sharp.
When I was a kid, I liked Case pocketknives. I collected them. Then my grandmother gave me a new one in about 1980, and it was crap. Very soft. I kept it because it was a gift, but I didn't waste my time trying to use it.
I got my first good knife in about 1983. It was a Gerber made from 440C. I used it to strip the bark off a maple walking stick, and to round off the knots. I was amazed to see that it stayed sharp. I had never seen anything like that before. I hadn't realized it was possible to make a knife that good.
At some point after that, Gerber started making trash, and unfortunately for me, they didn't put "TRASH" on the packaging in large letters, so I bought a few more.
I like good steel. There are a lot of brands I won't go near any more. As steel has gotten better and better, many knives have gotten worse. Crazy.
I can't wait to try the new Entrek I ordered.