No, nothing too great about the alloy. These blades are thick enough to be strong enough, despite the alloy being fairly weak compared to modern Super Steels. It's very safe, properties extremely well known after all these decades. Despite being thick-walled compared to some more modern blades, it can still get some desirable flex for attenuating road shocks, especially those variants with the rapid taper down to a very small diameter through the curved bit. Most of the old, skinny-oval blades have a pretty small diameter at the bottom.
It will never make the lightest fork nor even the most resilient, but for those who "just want it" for some reason (historical re-enactment being one), it's good enough, and the weight is not a deal-breaker.
If you want the old skinnier oval, the modern Kaisei blades are lighter, still strong enough, and probably about the same resilience through the raked part. (slightly larger diameter at the bottom, but thinner wall). They don't recapture your youth for you in quite the right way for some of the 531 fans though. I know because I'm one of them -- that little triangular decal on the blades near the crown is a trigger for me, for all those memories of when I was young and strong, can't put a dollar value on that!
If you're really good at perceiving 3-d ovalized cylindroids after they're painted, then you may notice that the Reynolds blade is a bit more aesthetically pleasing. Though that is a matter of taste, most people who can see the difference will prefer the Reynolds as more proper, in a Platonic Ideal sort of way. The Kaisei oval is more just what you get if you squish a round tube, not a shape that's carefully engineered to look like a true ellipse. I don't know how the Reynolds oval is made -- it may just be squished too, but if it is, it's squished between forms with a more sophisticated shape to them.
The difference between the Reynolds and Kaisei ovals is so slight that most people would not be able to see it, and don't feel bad if you can't because it doesn't matter! Neither oval will be the slightest bit better than the other in any way that matters. They both even fit the same fork crowns, though some crowns are a more perfect fit on one or the other. Sometimes a little work is needed on the crown socket or on the blade to make them fit better, but these are tasks that any good fork maker can easily do, even over and over for a production run -- an operation that takes a few seconds each.
Though I hear the siren song of that 531 decal, and I slightly prefer the Reynolds oval and the smaller diameter through the curve, I still might prefer Kaisei for my next blade just because Reynolds is 20% heavier, 1.2 mm wall vs 1.0. I'm not a weight-weenie but that's getting into the range where the inefficiency bothers me a little. I could go either way, but my motivations are not the same as most people.
Vive la différence.
Mark Bulgier
Seattle