I etch many of my stock removal blades, most in fact, because I use etching instead of bead blasting to create non-reflective finishes. When I started doing this, it was a real eye-opener. The grain, especially inconsistencies in the grain, are very noticeable with stainless steels. That's one reason I switched from ATS-34 to 154CM. It is quite different in it grain structure when viewed after etching. With ATS-34, some is good; some isn't. All 154CM I've gotten has been consistent and fairly fine grained. What I call "bad" ATS-34 has a very uneven and splotchy (can't think of a better word) grain structure that sometimes varies even within a single blade. I've ruled out heat treating as the variable, by intermixing "good" ATS-34, "bad" ATS-34 and 154CM in a single batch. The results are very clear and reproducible. By contrast, CPM-3V has almost no visible grain after etching, while S30V had just a little but it's very uniform. A2 I've etched looks like "good" ATS-34, which surprised me; I expected a finer grain in view of its impact toughness. D2 has pronounced grain, but it is uniform.
How all this relates to performance is unclear, but it certainly has shaped my choice in steels.