Ok... with all the talk about ChroMo being stronger than mild steel... lets clear up the real questions to what is behind it all.
For one to just drop the 4130 tag into a discussion is somewhat futile. To specify which 4130 material to use would be respectable. And to suggest the heat treatment of the stated 4130 would be down right noble. You cant just throw the 4130 tag around like its cool... without explaining the difference to your audience... because they might not know any better. In consideration to what is relevant, this response will only deal with 4130A (the typical 4130 material used; hot worked and annealed, and not recommended), 4130N (what should be specified and used for almost everything you would make any worthy part from), and of course... 1018 and 1020 carbon steel. All materials have an 'ultimate tensile strength' and a coinciding value to which they "yield." So, with this, all of the following numeric values will be in psi.
For cold rolled 1018/1020 the number is 82,000 and yield at 70,000
For 4130A the number is 85,000 and yield at 65,000
For 4130N the number is 97,000 and yield at 85,000
By the numbers, metallurgically... there is not that much of a difference... especially when looking at the yield values, which is where we need to concentrate our focus on, for the individual, material strength.
Since 1018 and 1020 don't respond to heat treat, they will be left out of this. But 4130N on the other hand...
when heat treated to a C scale of 25 to 30...
the heat treat will increase the yield value to somewhere near 130,000 to 135,000+ psi. THAT... is a considerable difference and increase in strength. It almost doubles that of CR 1018/1020 and it does double that of 4130A.
So basically, if you don't heat treat 4130N... all you end up with is an expensive part with the same strength as 1020... and brittle weld areas.
4130 is often considered to be the ideal material for high strength and stress applications... but it really isn't. I keep hearing... "since 4130 is so much stronger than 1018/1020, you can get away with a thinner wall and save some weight." Well... that just isn't true.
Unless you heat treat the 4130N material. With the yield strengths being as close as they are with like material diameters and wall thickness'... if you were to actually listen to those who would say this and go to a thinner wall... you would end up with a roll cage structure that would be measurably weaker than that of using 1018/1020.
If you dont heat treat the entire 4130N component... you will end up with embrittlement issues just outside of the weldment because of the martensite appearent just outside of the pearlitic structure formed by localization and not treating the entire structure. I brought up your same arguement a couple of years ago at work... and it went over the same way. I learned not to question the super genius' from that point on. But, at least I got an education out of it...