S&W does not make any knives that I know of. They license their name to, I believe, Taylor Cutlery but have no say in construction or materials. If you want a Real S&W made knife get one of the fixed blade knives made in the 70's. 440C steel properly hardened, Wessonwood handles. In the 70's 440C WAS the latest wonder steel
As far as steel goes, There is nothing the new wonder steels will do that PROPERLY HARDENED steels like 440C, 154CM, or even 420 stainless and / or good old Carbon Steel won't. They newer steel may hold an edge a little longer if properly hardened but if not hardened correctly they are no better at all. Heat Treatment is much more important that alloy composition.
I have knives in 440C, 420, AUS8, 154CM, and plain old Carbon Steel ( 10XX series) and they all work well. The Carbon will rust if you don't keep after it and it develops a grey / black patina with use.