The big question is, since cost is similar and rust-proofness a pro. for both, how does an H1 steel knife compare to a titanium knife, all other things being equal?
The big difference is the H1 treated alloys can sharpen to and hold a cutting edge better than Titanium alloys. Stainless Steel is a complex material and still rusts. It rusts less with higher Nickel content, but that higher Nickel content makes it softer so can't attain a decent cutting edge. The stainless part of Stainless Steel comes from a micro thin layer of corrosion of the Chromium in the alloy. That thin layer of Chromium Oxide protects the ferrious part of the alloy from rusting.
The Chromium Oxide layer is considered "self-healing" -- a scratch in the oxide layer is naturally repaired by creating more corrosion of the Chromium. The problem is that several things can interfere with that reformation; most notably micro particles of ferrous material (Iron). The H1 is a process that creates a thicker/tougher layer of Chromium Oxide at the factory. It can be scratched and can self-heal, but not to the level it left the factory and that scratch is subject to the same contamination problem that all stainless suffers.
In the big picture, a little surface rust is easily removed. The problem happens if you let it get bad enough that pitting occurs. I have never seen a maintenance-free knife with a quality edge of any kind, let alone one used near salt water.