I believe there are several effects that are called utsuri. The description given by Yoshindo Yoshihara I believe is describing the formation of banite in the microstructure. Banite forms at a different temperature range than martensite. It is almost as hard as martensite but is much tougher and resistant to cracking. It is very desirable from the viewpoint of structural integrity. I believe many older blades were made without the use of clay. I suspect a large bar of iron was heated to a suitable temperature and the edge of the blade to be heat treated was placed against it to allow heat by conduction. I don’t see any other simple way to achieve a controlled differential application of heat on a long slender sword without modern technology. I have experimented with this and have produced “utsuri” similar to what I see on older blades. Not every steel will produce utsuri. As Rivkin mentioned, different steels have different thermal conductivity characteristics. It is difficult to produce utsuri on most modern steels, especially with high carbon content or alloying elements. I find that tamahagane with a medium carbon content works better for producing utsuri.
I did X-ray diffraction analysis on a mid kamakura tachi with vibrant utsuri and found the core steel was high carbon (.7%) while the exterior layers were mid range carbon content (.45 % to .55%).
I haven’t done an exhaustive study of the effects called utsuri. I don’t have the samples, time, money, energy, etc. These are just my limited observations from several years ago, so take that into account.