I'm not one to pretend D2 is better than other steels, it's not. It's a great value steel and the toothy edge it seems to take makes it an awesome user steel. I know steel prices don't make much difference in the custom knife world but for some reason it seems to make a big difference in the manufactured knife world. It definitely doesn't hold a match to some more expensive steels when we start talking "price is no object."
Personally, I like CPM-M4 a fair bit better... especially if I can pay someone in beers to sharpen it for me.
Truthfully, the only steels I've been underwhelmed with are simple carbon steels. I would take some cheaper stainless options (8cr, aus-8, etc.) over simple carbon steel (with some exception for very hard use edged tools) most days of the week. Tool steels are by far my faves though.