Huh. I know that Henckels kitchen knives make a big deal about being ice hardened too. Yet they still don't hold a good edge because they use poor steel (420 I think).
Here's the marketing hype:
Milwaukee Electric Tool Corporation introduces Ice Hardened™ hole saws, a new generation of hole saws that offer up to 50% longer life than the competition and are ideal for metal and wood cutting in a wide variety of HVAC, electrical, plumbing and maintenance/repair applications.
Milwaukee Ice Hardened™ products utilize a proprietary cryogenic hardening process that improves upon traditional heat treat processes. Unlike surface coatings that wear away, cryogenics harden to the core by minimizing soft metal (austenite) and creating more hard metal (martensite). The result is a product that is more consistently hard throughout, resulting in life up to 50% longer than the competition.