440C is a harder and more wear resistant steel. One of the reasons that Buck knives stopped using it was that their customer's had trouble getting it sharp. Buck first went to 425M, but this still gave their customers sharpening problems. Most recently they went to 420HC as their standard steel because it was easier to sharpen than 425M. That still wasn't giving their customers the cutting performance that they wanted so Buck went to a thinner hollow grind blade profile that they called Edge 2000. Now an average guy can get a high performing edge. It won't stay sharp as long as 440C, but for most people it will be sharper.
I am one of those guys who cursed the original 440C in Buck knives. I was good at sharpening, but no matter what I did it would never take the type of razor edge that I insist on for my knives. I developed a lifelong prejudice against the 440 series steels back in the 1960's. They are very heavy in chrome and to me take second rate edges. They are my least favorite. I even like them less than ATS134/154CM which I also dislike for the same reasons. 420HC is OK in a knife that I don't expect to stay sharp during the process of skinning an elk. For example it would be OK if I was only hunting deer.