Here's a link to a book that comes highly recommended for anyone who wants to know more about steels.
WWW > ProductDetails
A pdf copy of this exists on the net but is short a few critical pages. Besides the author went to a lot of trouble to put this together in a way that makes a complicated subject easier to understand for those of us working in the craft. Pay the money and respect the source.
In case you don't recognize the author:
The Key Role of Impurities in Ancient Damascus Steel Blades
Josh, if you would, sticky the link as a reference.
In case anyone is wondering, I don't whittle my comments out of thin air or come up with this stuff to make anyone feel bad. The facts will, and should, speak for themselves. I have read this book several times cover to cover and refer to it frequently. I would encourage anyone to do the same.
A good reference can solve a lot of problems when it comes to a debate.