I've heard that it is not as corrosion resistant as 304 or 316, but in pump service, immaculate appearance may not be uppermost in desirable features. The more corrosion resistant grades like 304 or 316 are a bit finicky when it comes time to push bearings or wear sleeves on and off the shafts.Often, they will gall extremely badly, ruining the shaft on the first overhaul.
416 has improved corrosion resistance if it is heat treated, too. It does not get super hard, maybe 35Rc or so, but it does machine nice in the hardened condition.