1045 carbon steel has less carbon (.45%), where higher carbon steels like 1095 has more (.95%), inversely 1095 has less manganese and 1045 has more. So in essence, 1095 steel would have more wear resistance, but would also be less tough. 1045 carbon steel holds an okay edge, 1095 steel holds an edge great, and is easy to sharpen. The major drawback to higher carbon steels is that they rust more easily. Because of this issue, you will often see 1095 blades with some type of coating to combat rust. If you buy a knife or sword with this type of blade, be sure to keep it oiled and store it well and you should have no problem.