So what about is it about CPM M4 that is so unappealing? I have had a post up on 3 different forms looking for someone to make some blades out of the stuff without a single reply?

I don't think that it's the steel, It would take an accurate mill to get them all exactly the same and most knife makers aren't equipped to do it. I'm certainly not.

I'm not sure it is unappealing, for me anyway, if someone wanted a knife made from it I
would time permitting no hesitations.

The problem I see with it, is the price you could have one of the high end stainless steels like s30v, s35vn, Elmax, etc. So most knife makers are going to make a knife that performs so similar most people couldn't tell the difference, but will not stain or rust. IMOP that's probably the deal, but don't really know.

3/16" x 1 1/2" x 18" rough raw steel.

cpm m4 49.52 not stainless
s30v 56.04 stainless
s35vn 57.20 stainless
1095 high carbon 8.95 not stainless

I know next to nothing about the different steel available now days. The blades from Boker have 440c stamped on them. Based on the edge retention I have experienced of these particular blades, I didn't think S30v would be that great of an improvement. Carbon steel is not a problem based on my usage, It,s just that if I were to go to this effort and money, I should get something on the upper end of the edge retention scale. I don't think getting them sharp will be a problem but then again I haven't had one of these powdered steel blades before. Is s35vn that much different than 440c?

In my opinion s35vn is a fairly significant upgrade from 440c. Here is an interesting simple web page I found the other day surfing around, gives a lot of good info without being to overwhelming take a look at it. For the steels I'm familiar with it seams to be more or less the way I see it, however its just my opinion. There are a lot of opinions in knife making.

http://knifeinformer.com/discovering-the-best-knife-steel/