Cool thread. I've made a handful of knives, all out of carbon steel. I do have some AEB-L (stainless) that I plan to try out down the road. It tends to be regarded as a stainless steel that acts and cuts a lot like the carbon steels. In reference to what someone already posted about a carbon steel core blade with stainless sides, it's called San-Mai. It's a blade made of 3 layers of metal, some custom makers are doing amazing things with it and the results are beautiful. It takes a lot of care to do it correctly, but do a google image search for stainless San-Mai knives and you should see some stuff that'll make you want to pull your wallet out... There are also San-Mai knives with a carbon steel core and wrought iron sides that look great when they're etched to show the cool wrought iron "grain".
Someone also mentioned edge geometry.... The various steels absolutely provide different attributes based on their make up, however there are two things that make or break the knife. It's the heat treat and the edge geometry. Steel is ground into a knife, then it goes through a pretty specific process (which is different for different steels) to make that piece of steel hard and therefore capable of holding an edge. Then it's tempered back, because when it got hardened, it became brittle. Bring the hardness down a bit and now your knife won't want to snap, but will still hold am edge. All of that is great, but if the heat treat is nailed perfectly and the edge geometry sucks (for the given style of knife), it is going to cut lousy. On the other hand, you could have perfect edge geometry to split hairs in half, but if the heat treat isn't any good, it won't cut well for long at all. For a given knife, whatever the steel is, if they nailed the heat treat AND the edge geometry then you'll have a fantastic knife.
Sorry for the long post-probably got a little off track there....
Jeremy