Derek Cohen (in Perth, Australia)
Don't forget the obvious - that steel and tools are two separate items. If you are already stocked for tools, then you will not be planning to add more, regardless of the steel composition of the new tools.

On the other hand, you may decide the new tool is an upgrade, or the new steel is an important time saver.

I do not plan to replace all my blades with PM-Vlll just because it is better (and it is). That would be silly. However, the next time I purchase a blade, it will definitely be made of PM-Vlll steel. It would be silly not to do so.

I only have first hand experience of one PM-Vlll plane blade, which is used in a Veritas Small BU Smoother. This was put through a great deal of testing about 12 months ago. On the basis of this I can state that, using Pro Shaptons, the PM-Vlll blade honed about as quickly as an A2 equivalent, and lasted about twice its duration planing abrasive Jarrah boards (yes, I stood there counting shavings).

I have not used PM-Vlll in chisels. The PM-lll was a late entry into the chisel testing conducted nearly 2 years ago. Steels included M4 and 3V, and the PM-Vlll was chosen above these. I did, however, use the steel with a 25 degree bevel to shoot Jarrah endgrain later on. It held up very well. According to Rob Lee it can be used at 15 degrees ... which would make for an interesting paring chisel!

Regards from Perth

Derek