For things like carbide tooling, cobalt acts as a binder during liquid-phase sintering. It also is used in liquid-phase sintered materials like T15 (although mine runs around 5%). Powdered cobalt is either blended into the powder mix for the material or pre-alloyed in the melt prior to atomization.
Honestly, you need to read through the P/M process explanation on the MPIF website (
It will explain how powder is made, blended, different manners of compaction, different styles of sintering, etc. This may give you some background for future questions. The mix all depends on how your material is being consolidated. Is the material HIP'ed, CIP'ed, sintered in liquid-phase to be wrought, etc.? The process used, blend amounts, etc., will affect the end product in different manners.
The easiest comparison I guess you could make would be to look at standard wrought material data sheets for the cobalt percentages (I'm guessing they'll be running around 5% for T15). Then look at the cutters with the higher cobalt content. If I had to guess, you might get a little better wear out of the lower Co content cutters with better toughness/chip resistance out of the higher Co content cutters. Wrought stainless is gummy, so you might also have some cold weld issues with the higher binder content cutters. No factual data to back that statement up, just a gut feeling.
Looking at the material grades you've listed, make sure you're comparing apples to apples. If your purchasing M2 cutters and T15 cutters (both P/M), they're going to react differently with different materials and applications. What's good for one application may not be optimal for the other.