In firearms, rifles in particular stainless is the prefered barrel material as it will give a longer barrel life as it better resists throat errosion. Before anyone chimes in to disagree, i have been a benchrest comp shooter for over 15 years and regularly build benchrest guns. Im not claiming its more acurate, just that it gives a longer barrel life when using barrel buring calibers.
As far as stainless goes in terms of corosion, the name stainless is a bit of a misnomer. Stainles can and will rust given enough neglect and the right conditions (most grades anyways). I currently have a S&W model 60 on my hip that shows a good deal of pitting from rust thanks to the previous owner. I also had the rough blasted finish on the barrel of my Remingon 700 rust last year from moisture on a particularly long camp hunt. Not a lot of rust mind you, but enough that you could cleary see it.