It's all in the heat treatment. You'll find higher grade steels with an RC scale of 55-58, so what's wrong with that hardness? Granted, 420j2 doesn't have many fans, but how is the knife going to be used? Is it to be a knife for casual use? A knife for average everyday cutting tasks or is it going to be a "Safe Queen" just to be admired? Is it going to be a purely defensive knife or will it be a knife to be used constantly at work or in the field?
If you plan to use the knife casually, then 420j2 will do fine. If you plan to make it your primary EDC knife, then it would make sense to seek a knife with better edge holding abilities. Keep in mind, however, that while most people want a knife that can hold an edge, you also don't want one that will be difficult to sharpen. On the other hand, if the knife is just going to be looked at, admired and carried just because it looks cool then it really doesn't matter what steel it has if one is too afraid to use it for fear of scratching it's finish.