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Stainless steel or titanium?
The correct answer is, "neither."
Spyderco is now making several knives in its line out out their proprietary H-1 steel. And, while technically H-1 it is a type of stainless steel, it is a material in a world all by itself. Absolutely maintenance free and rustproof, easy to sharpen with ceramic rod sharpeners (you weren't actually using any other kind to sharpen your knives anyway, were you?).
I've had my Atlantic Salt folder on over 100 dives now, and as God is my witness it doesn't even require a fresh water rinsing, although that is recommended by the manufacturer. Put it on a lanyard with a brass or stainless steel snap clip, and clip it onto the D-ring in your BCD pocket and forget about it (until you need it).