I guess it comes down to what you want to do with the knife. If it's to be a heavy user knife, skin a bunch of deer, that kind of thing, not sure 1040 is what you'd want, just like said above. As Karl Andersen, JS, says a knife will cut as well as it's edge geometry and will cut for as long as the heat treatment was good (or something close to that).
This is important for you because of the carbon content. Too little carbon in it and the steel won't harden sufficiently to hold an edge for very long. It could be a perfectly ground knife and be sharp as all get out, but with the softer (low carbon) steel, it won't hold that edge for long and you'll be sharpening all the time. And that's all if the maker absolutely nailed the heat treat to get the max hardness for 1040. So, that's why I say it depends a bit on what you plan to do with the knife. Hope that helps.
Jeremy