churchw: If you look up the chemistry of 01 and W1,you will see that 01 has alloys in it that make it a better metal from the standpoint of wear resistance,less risky to harden without distortion or cracking,warping,etc.. It,as I have stated,will not QUITE take as razor sharp an edge as W1(but only a TRIFLE less sharp),but it will hold it longer.
W1 is also getting harder to buy,as steel makers are not making it so much any more.
I use cold drawn W1 for letter and number stamps because it is cheaper,but if I heat to hardening heat a 2" long,1/4" letter stamp for its full length,it invariably splits a crack right up the center of the stamp. So,I heat up only the business end of the stamp. This shows how treacherous W1 is in hardening. 01,you can heat all over.
If I want to make a knife blade that will take the keenest possible edge(for steel,obsidian will chip much sharper,because the edge fractures down to 1 molecule thick) I'll use W1. But,I know it will not stay sharp as long.
As an example,I had to skive some ray (also called Shagreen) skin which was chrome tanned,and was very rubbery. I could not get this rare skin in vegetable tanned. I could only get a W1 blade to cut it well. an 01 blade just didn't get quite keen enough. So,there are applications where you might like to use W1.