I'd really love to hear how that Elmax steel sharpens, and holds an edge. I read that it is another powder steel, but superior to my favorite S30V.
I think you'll like Elmax if you try it. Of course, steels are sorta like cars and guns. Everyone has their preferences. There are tradeoffs with all of them, so I try to stick with the ones that are the best compromise for all around solutions. Most of the differences between the good steels are very subtle and the average guy won't see a lot of difference.
Elmax seems to be the best compromise of all the things you want to look for in a general purpose steel. From the tests, It holds an edge better than S30V, seems to sharpen easier and is tougher than S30V. As you mentioned It's a gen4 powdered steel. One of the things I really like about elmax is the toughness. It's one of the only stainless steels that can stand up when compared to stuff like A2, or M4 or the like. Certainly, nothing wrong with S30V. It's very good stuff and it's one of the other options I offer, but at least on paper (and from my personal experience) elmax edges it out. pun intended.
I waste a lot of time reading about the variations and looking at the tests cause I find it interesting, but you won't go wrong with 154, S30v, or Elmax. (or a host of others for that matter).
for whatever it's worth, Elmax is the one I'm making my personal knives from until i find something better.
Dale