These knives get heat treated in batches, so it's unlikely a bad HT. I have to agree with everyone saying it was probably not actually sharp. Most factory sharpened knives do not have a good edge geometry, but have a rough finish toothy edge with makes it feel sharp for a few initial cuts. Once those toothy carbides fall off, it leaves a dull edge with nonoptimal geometry. I hand sharpen every knife I receive new, and it usually takes a decent amount of time to reprofile the edge, but it's worth the effort in the long run.
I have used blades in elmax, s90v, and M4 (and a bunch else). My experience is that most high end stainless steels are pretty similar, but heat treat makes a much bigger difference. I've used all 3 steels with Spyderco knives, elmax/M4 in Bark rivers, S90v from benchmade, elmax from ZT/microtech, and more. I think steel type REALLY shines once you are able to sharpen out a factory edge with your own geometry and refine it to respond to stropping.
Overall, I was not super enthusiastic about S90v, I found it to be difficult to sharpen and chippy, and the increased edge retention was not worth the trade off for decreased toughness. I would happily take S35vn over S90v.
A well treated Elmax has worked very well for me, but I hear that the HT is difficult to get correct (though it seems that most companies get it right now). The carbides are ultra fine, and it takes an incredible edge if you are capable of it. It is among my favorite stainless steels when done right.
M4 is a tool steel, not stainless. It will develop surface rust fairly easily if left wet. It is relatively difficult to sharpen, relatively high toughness, VERY stable edge stability (can get it extremely sharp with a very steep angle and not roll or chip out), and high edge retention. M4 responds very well to a toothy finish. It's a good steel that takes some maintenance.
My favorite steel for pretty much every application, but especially bushcraft/survival/hunting knives is CPM 3V. Extremely tough, high edge stability, high corrosion resistance, high edge retention, relatively easy to sharpen. I would happily take it in every single knife I own, and I think it would be a great steel for practically every application.