Commonly known as spring steel, 5160 has excellent shock absorbing properties making it resilient to shattering and extremely durable as a knife steel. We harden to 57-58 Rc to maximize its performance.
The crescent tip makes the blade thinner with a sharper point. This shape provides good control for detail work and cutting in tight places. It is also well suited for intentional punctures like new holes in your belt, etc. While the point of the blade is effective for detail work, it's not as strong as the thicker points on drop points and skinners.
I've had my Punk for about a year using it for hunting, camping, fishing, and yard work. So far I can't throw a task at it that it hasn't beaten, including using it as a pry-bar, hammer for tent stakes, and cutting up branches. The blade has stayed sharp and needed minimal maintainence. Also I like the nylon sheath. I can beat the crap out of it and it holds up just fine.