Chupa,
There are probably guys on here that can answer the relief questions using better language than me, but basically it is getting the head ground in such a fashion that makes it possible/easier to remove the needed steel for a good edge to be obtained. In his tutorial Chris uses a bench grinder for this. Since I don't have a bench grinder I use the course side of the jewel stick. It takes a little elbow grease and patience, but is not hard. I would also like to point out that once it's done the first time it is generally not needed again unless the head becomes REALLY dull.
In regards to the razors edge guide getting worn, I have noticed mine getting some wear, but it hasn't changed the process or the results at all. I have had my eye on the KME system for a long time, and I have the broadhead sharpener already. I'm sure it works just as well and the extra longevity makes sense.
Tommyboy, I believe some folks are naturally talented at getting things sharp and some simply aren't. I am the latter. I was able to achieve decent results on simmons heads with a half round file and steel. I am also an obsessive perfectionist, and I simply wanted a better edge. I have achieved that with this equipment and process, so I am happy with it.
There are a lot of ways to "skin a cat"...this one works really dang well for me, and I thought I would let anyone not familiar with it know.
Jake