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Is this Ice Hardening marketing hype or the real deal?
Yes and Yes.
Their reference to 'Ice' hardening' refers to the standard cryogenic process used to enhance the toughness and wear resistance of steels. It doesn't use 'ice', but liquid nitrogen. Ice won't change steel except make it colder!.
700 HV is about as hard as you can get 316L Stainless steel. Thats not particularly hard (about the same or slightly less than for an ordinary carbon steel wood chisel or sawblade, or likewise cutting tool). It won't prevent scratches, although they might not be so pronounced as with untreated steel.
I think there is an element of marketing hype here. However, it's probably offers more durability than a hard coating that once scratched, can't be polished out.
Ike