I think it depends on quite a few different factors...
Edge geometry - Benchmade's edge geometry is not disappointing, but also not overwhelmingly great, with a few exceptions. I would argue that, from a geometry perspective, the Ritter Griptilian is the best blade design Benchmade has had since the Pacific Cutlery days. Comparatively speaking, using a freshly sharpened Ritter Griptilian along side a freshly sharpened standard Griptilian yields noticeable differences. The standard Griptilian requires significantly more physical force to cut the same object with the Ritter. And even if both knives are made from the same steel, the Ritter will hold its edge much, much, much longer than the standard Griptilian. Another comparison is the standard Spyderco Delica 4, which uses a saber grind, compared to the Delica 4 that uses a full flat grind - the Delica with the full flat grind provides superior performance for most tasks. This is partly why a Chris Reeve Sebenza, which uses relatively soft S30V and S35VN, will often hold an edge longer than many knives made with exotic steels we equate with superior edge-holding.
Blade thickness - Many production-level knife makers are increasingly moving towards thicker blades on their folding knives. Many "EDC folders" have absolutely massively thick blades. Perhaps this is due to the "tactical" craze, but these knives resemble chisels more than a precision cutting tool. There comes a point where, once a blade reaches a certain thickness, it's not going to work well for precision cutting.
Blade shape/grind - Makers often use blade shapes that look cool but absolutely suck as performing the everyday tasks one would likely want to use a pocket knife for. Benchmade is no exception here, and some examples would be their tanto, single-edge spearpoint with a swedge, and double-edge spearpoint blades. The process of performing basic tasks is often more difficult, requires more physical effort to achieve the same outcome, and requires more maintenance than a blade shape better suited to EDC tasks. Like most production level knives, grind lines are generally pretty far from perfectly even, and now and then a subpar blade can sneak past QC. I've gotten a few Benchmades that still had a burr on them - depending on the severity, some contact with an ultrafine stone, and then finishing with a super-ultra-fine Chosera takes care of that.
Steel - As different steels have different characteristics, they can sometimes perform the best with specific blade types or angles. Some production makers may do a better job sharpening certain steels over others. For example, Benchmade tends to do pretty well sharpening their D2 folders to that 'toothy' edge many people love D2 for. If you are looking for a grabby edge, D2 is the steel for you. On the other hand, they don't always do the best job with M390 folders because they put relatively thick edges on them. If they make a M390 version of a knife normally in 154CM, it's not uncommon for them to set roughly the same angle on the M390 variant. The problem is that M390 has incredible wear resistance and it shines with a super thin edge that it can hold for a ridiculous amount of time, even if it is being used to constantly cut abrasive materials. Without an EdgePro or a WickedEdge, M390's wear resistance will make thinning the edge into an extensive project! Going back to the days when they used M2 high speed steel, most of their M2 folders shipped with ridiculously sharp edges and were far more aggressive cutters than the ATS-34 counterparts of that age.
Heat treatment - Obviously, the way the blade is heat treated will determine what type of edge the knife can hold for how long. As there is some degree of variance between a single maker's batches, there can be some degree of variance in performance. A more dramatic difference is the variation of the same steel used by different production-level makers. For example, I think Spyderco's S30V tends to perform better than the S30V coming from other makers offering similarly-priced S30V knives. An even more dramatic difference can be seen when comparing custom knives with production knives. Brian Tighe uses a steel called RWL-34. It is essentially 154CM produced in a slightly different way. However, compared to a production ATS-34 or 154CM blade, many owners note that the performance difference is almost shocking.
I know I'm missing a few but it's sleepytime!
