I've found AUS 8 to be a good compromise on everything, all things considered. For a good knife blade, you want a blade that's:
= 1. Easy to sharpen
= 2. Holds an edge
= 3. Is tough and not brittle
= 4. Resists corrosion
AUS 8A isn't the best in any of these areas, but it's very good in all of these areas, where other stainless steels may be very good to excellent in some areas and only good or poor in other areas.
420HC, for example, resists corrosion and is easy to sharpen; it's also tough; however, it has inferior in edge retention, which is a big factor with a lot of people.
440A-C is, as expected, somewhere between 420 and AUS 8. The latter will likely hold an edge better and is about as tough. A really good 440C will be on a par with good AUS 8, I think. Even so, I believe it's more probable that you'll find a good AUS 8 when knife shopping than a good 440C.
ATS-34/154CM are clearly premium steels, but are not as rust resistant as AUS 8A and can be more brittle. AUS 8 is probably easier to sharpen in the field and will likely take a sharper edge. Quite often a fine serrated edge on an AUS 8 blade will negate the edge retention characteristics of the ATS-34. If you use your knife to pry or do rough work with, the AUS 8 may hold up a bit better; however, the ATS-34 is clearly a better steel, albeit more expensive.
Again, all things considered, AUS 8 is probably a "very good" steel in all the above respects. It won't be the best steel in any category, but you'll get some strength in all areas.
If anyone disagrees, have at it.