I think AUS-6 steel will work fine for the average user. Here are some of my experiences and thoughts on AUS-6:
Recently, I sharpened my CRKT KISS keychain folder, plain edge, to about a 25-degree edge. This is much lower than the usual 30-degree edge, and I assume that it would dull a lot quicker because of the thin edge. I decided to test the edge holding abilities on some cardboard, but before doing it, I made sure that the knife was shaving sharp. If you pushed it against the hair of your head, hair would start falling out.
I cut down about 200 inches of corrugated cardboard (thickness of about 1/8") with this pocket knife before it stopped shaving. (Note: The edge was not dulled, but it was just not shaving. It was still sharp!) That means it can make an 80 inch cut on 1/8" thick cardboard for every inch of the blade before it loses it's shaving ability. It would probably cut even more cardboard without losing the shaving edge if I hadn't sharpened it so thin.
For the average knife user, this edge holding is fine. A couple strokes on a polishing compound loaded leather strop, and the edge will go back to almost shaving if not shaving.
I like AUS-6, because it's easy to sharpen. Generally, a steel that is hard to dull is hard to sharpen. For the average knife user with below average sharpening skills, a AUS-6 steel blade is great. You can restore the edge quickly on a simple gray sharpening stone from Sears and a leather strop. It's a lot harder for people to sharpen 154CM or other "better" steels with such simple equipment.