904L has very high corrosion resistance, higher than 316L steel. But such high corrosive environments are rarely encountered and 904L steel is significantly more costly than 316L, so it is mostly used for marine and petroleum applications; I doubt such corrosive environments are encountered in medical situations either.
Rolex is one of the few companies that use 904L steel, but it's more marketing than any real tangible benefit.
- SJX