Blades
Blades are either stainless or high-carbon, and there's an inevitable trade-off between performance and resistance to stains and rust. Modern stainless steels include S30V, 154CM, ATS-34, 440C, though even they can be made to rust. Chromium is the major alloying element in stainless steels, it causes them to be 'stainless'.
A more stainless steel is H-1, which is low in carbon while high in Manganese, Nickel, and Sulphur, and contains Nitrogen as well. H-1 is almost impossible to rust in all but the most corrosive envronments. Carbon steels are as their name implies high in carbon, low chromium, are more prone to rust and pitting, and are generally developed with the goal of good edge-holding ability.
As of 2004 there are a variety of exotic steels and other materials used to form blades. Knife manufacturers such as Spyderco and Benchmade typically use 154CM, VG-10, S30V, and CPM440V, as well as several high-speed high-hardness tool steels like D2 and M2. Other manufacturers sometimes use titanium, stellite, talonite, and other cobalt-containing alloys. All three are more ductile than typical stainless steels, but have quite a vocal support group despite concerns about health effects of the latter two alloys' cobalt content. Damascus steel, which is layered and instantly recognizable by its beautiful patterns, is typically used in high-end knife blades and has respectable edge retention. There is typically more demand for stainless steels and exotic alloys in the utility, outdoor, and tactical knife categories than there is in the kitchen knife category.
Kitchen knife blades tend to fall into two categories. Some use stainless steels to prevent users from having to pamper their blades and to be more forgiving on those who put chefs' knives in the dishwasher. Others are high in carbon for edge-holding ability, the presumption being that kitchens are not the wilderness and that chefs are willing to clean knives properly in exchange for better edge retention in economy steels. Forschner/Victorinox makes decent cheap chefs' knives; higher-end manufacturers include Wustoff, Global, and Henckels. Some manufacturers, particularly of kitchen knives, make ceramic blades; these stay sharp longer but due to their hardness chip more readily, and an accidental drop may chip, crack, or shatter the blade.
There are several basically different types of knife blades: normal, spey, clipped, sheeps-foot, tanto and ulu.