Cliff: As I understand it, the effects of cryo treatment were first observed by people who worked in cold climates.
I have a friend who recovered a knife lost in the woods during a fall hunt. After a cold winter, he found the knife and it was "different: (improved).
This happened over 60 years ago.
I believe bridge builders also discovered that applying ice to welded joints made the welds stronger. I am going from memory here-I have that info in a reference book that I can't find, but, I believe that is what happened.
As far as stabilization of Austenite, it is certainly possible to quench and then cryo, and provide a virtually "seamless" cooling from Austenizing temperature to minus 320F.
I have also observed firsthand the effects of cold on A2 blades that were overheated during HT, allowed to rest for several days, the placed in an ordinary household refridgerator. Ths result-An increase of 4 points Rc hardness.
Now, before you jump down my throat, let me quantify that the magnitude of the effect of cryo is certainly related to steel type and alloy composition. I am certain that the effect is more pronounced in some steels, but, in my considerable experience heat treating knife blades, I can say for certain that the use of LN2 will have some effect on virtually any steel, even if time is allowed to pass before it is performed.
The science of cryo is perhaps inexact. However, as an Engineer, I am willing to take what I observe at face value, without necessarily being able to quantity it or even explain it. My conclusion: Cryo has an effect on hardened steel, and can certainly improve the function of steel as used in a knife.