You need to look at more than steel and you need to make a distinction between custom and production.
I'd never buy a knife made with "damascus" of unknown ingredients. A good smith, or whoever produced the damascus will tell you what went into it.
From there, damascus is just like any other steel. It depends on what your using it for as to whether its good, better, the best etc. Production companies generally outsource for damascus. Companies like Thunderforge make top quality damascus and its cheaper to buy from them than to do the research and make it yourself. If a production company doesn't tell you where it got its damascus, or whats in it, you should question buying the knife.
Custom makers generally make their own. Its part of the knife. Quality will vary, but generally if you are dealing with a reputable smith your going to get something special. They wouldn't put all the work into making it if it didn't make a good knife.
One thing damascus has going for it is that it can give you a very aggressive cutting edge. The different layers coming together at the edge make it toothy, good damascus will cut like crazy and for a long time. It also looks really cool (this is an etched finish though, with hard use it may wear off and look like normal steel over time)
There's so much more to a knife than the steel though. You can use the most expensive steel in the world and it won't be worth anything if the heat treat isn't any good. Thats where you need to get your knife from a good company or a good knifemaker. And beyond the heat treat is the design of the knife.
With poor edge geometry a knife just won't cut well. If you find a good knifemaker who makes their own damascus, chances are they know their stuff. They'll have done the time to figure out the best combination of steel, heat treat, and design to get the most out of the knife.
You can't just read the materials list. You should also look at who put it together, and all the other variables like the type of grind, how the edge is sharpened, handle shape, blade shape etc. to make sure it will perform the way you want it too.