In a single sentence, bainitic steels can be best described by the formation of a non- lamellar aggregate of ferrite and carbide from austenite decomposition that exhibits the combined benefits of high strength and good toughness.
To really answer your question, I would suggest the following reading;
"Physical Metallurgy Handbook" by Anil Kumar Sinha
In his book, he devotes a comprehensive section to Bainitic Steels (9.5) pages 9.29-9.45. There is too much information to go into detail here. However, some of the highlights from his book are as follows;
- comparison of ultra low-carbon and low-carbon bainitic steels
Strength, hardness, ductility, impact toughness, fracture toughness, wear resistance, applications
- comparison of high carbon bainitic steels, applications
- weldability of bainitic steels
A second option for information is to visit the web site below.
There are various publications on bainite that can be downloaded for free. Once again, an excellent source of information to answer your question.