Well, not to take another kick at a dead horse, but hey...
Cryotreating any steel is going to do a couple of main things: 1) it will "finish" converting austenite to martensite, meaning even after heat treating there isn't a 100 percent conversion, in some steels it's down in to the 80's. The cryo process will get you closer to that 100 percent mark, how much closer depends on the steel and the process. 2) you'll get more carbide precipitates to start showing up —meaning that the wear resistance goes up, and yes, it'll be easier to clean. 3)it helps to refine the grain structure of the steel even further, meaning that yes, it does do some more stress relief (which means that the steel CAN move or distort , but from my experience, it's usually not enough to concern yourself with — it gets finished out) but this again leads to the steel being tougher.
Why doesn't this get done to all steels? Cost and time (which is again cost). There are some steels that have to have it done to make the engineers happy, like every time we've had a job with CPM steels it has to get sent out for cryo. Most of our common tool steels are good to go with a soak and quench.
Speaking of soaking and quenching, I saw someone (please forgive me that I can't remember who said it) mention salt bath nitriding, or nitrocarburizing; just be careful with that temps get between 900 and 1k which may affect the temper of the steel, depending on where they were running the drawback oven. If the re-heat is higher than the initial drawback/temper it will draw that hardness back more. I've never bothered to remember the whole time of the process as we'd send it out anyway, but going back to tempering, some steels only take a couple of minutes as a function of their dimensions, like cooking a turkey at so many minutes per pound.
I hope that this helps clear a couple of things up. No, cryo isn't snake oil, but it isn't a cure-all. I also hope that I didn't come across too high-brow, and if anyone happens to not be a machinist and has a question for better understanding, I'm happy to try to break it down.
(Edited for spelling/grammar)