As a long-time cook and beginning chef, I can give you a run-down of what I want in a kitchen knife.
When I'm at the restaurant, we use (I forget the brand) a commercial grade, cheap stainless French chef's knife with an 8 in blade about 2 mm thick at the spine with a flat grind + secondary bevel and bright orange plastic handles. The handles make it stupid easy to notice the knife wherever it happens to be if it's not put back. This is so much of a benefit, I cannot begin to describe how wonderful it is. Not everyone puts things back where they belong. This knife is used along with a 3in paring knife of the same material with a very thin, flexible blade and only an edge bevel for all the other cutting. These knives are cheap and dull quickly, but that's all the management will buy for us.
When I'm at home or catering an event, I use my own knives, which until recently where inexpensive, but well-sharpened henckels. I haven't had the chance to own a custom kitchen knife, but I would like to. I just recently was gifted a calphalon katana series santoku style chef's knife, and it is amazing. Not terribly expensive, good looking, scary sharp and easy to maintain. If you get a chance to look at them, the handle design is well-implemented. Most chef's grasp the blade just before where it meets with the handle, and this one is off-set to the right to make it more comfortable and easy to grasp.
What I would like in a kitchen knife/knife set? My ideal set would be 3 or 4 knives. I would like a chef's knife with a fairly flat edge for the length of the blade and not much belly towards the tip, for slicing and chopping meat and veggies. Something maybe 3-4 mm thick with a flat grind/secondary bevel or a chisel grind like Japanese chef's knives. There wouldn't need to be very much or any flexibility in this blade, as it would need to be thick/sturdy enough to power through say...a chickens ribcage without having to grab a cleaver, but generally wouldn't run into anything too damaging or be used as such too often. Mostly for meat and veggies, balanced about 3/4 of an inch before the handle where the thumb and finger would grasp the edge. I also happen to like the Japanese D style handle, but Wustoff makes some that are incredibly comfortable.
The second knife would be a paring/boning knife for fine work. A slightly flexible blade that is fairly thin with a sharp point. A full-size handle would be nice, as I typically don't grasp the blade on a paring knife. I curl the first two joints of my fingers around the handle with the edge pointing towards my thumb and use my thumb to guide whatever I'm peeling, slicing towards the edge. The blade would only need to be 3 in or so.
The third knife would be long, thin and flexible. This would be for slicing, be it a roast or Christmas turkey. The push-pull sawing action as you slice through meats needs to be done in as few strokes as possible, so something around 10 inches is preferable to me, with a very thin blade. There would be no need for belly or a tip on this knife. It could be around 1 in wide and grasped at the handle.
If I had an option for a 4th knife, it would either be a fillet knife or a serrated bread knife, but to be honest, I use a pair of those cheap forever-sharp knives since I don't fillet often and the bread knife works wonderful.
I don't like serrated kitchen knives. I've never had a problem just keeping my knives sharp and honing them before each use. When I'm at home, I never walk away from my knives (I have a 4 year old boy who thinks he is the chef). I also never put my knives in the dishwasher. This kills the handle and is potentially dangerous. I keep mine on a magnetic strip where they are placed immediately after being used, cleaned and dried. Stainless is not necessary, I like the look of high carbon blades. Pretty is not necessary either, my knives are meant to be used, not looked at. Good balance, easy of maintenance, long life...these are what is best in life. (sorry, Conan referrence)
edit: damascus with a hamon like would be freaking amazing though...

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