Well, I'm just waiting for the food to cook before all the family arrives so I'll weigh in my 1/2 cent:
I've used both rough and honed edges and vascilate between using either one. Paper wheel, "mirror sharp" system, water wheels, arkans stones...I've used all of them to get edges with bright, flawless bevels. It cuts stuff just stupid easy, animals die just fine with them.
Files, rough diamond stones, agressive ceramics...I've used these to put "rough" edges on all types of cutting steels. These types of edges do not cut paper and a few other things as flawlessly and as easiy as the super-honed edge BUT they do "grab" flesh more ardently, they just don't cut as easily as the honed edge does once it grabs.
I offer this: an edge going past a blood vessel must be one of two things. It must be so wicked honed etc. that the blood vessel is cut before it has the chance to roll out of the way...OR it must grab the blood vessel before it has a chance to roll out of the way. Middle of either road does neither. Our medical professionals have given their opinions on how a honed edge bleeds more freely/clots less; I cannot refute an opinion that is more learned than mine. However, just how honed is that edge after it makes it's way through bone, gristle, fat to get into the goody box?
I know that when I was skinning the 20 or so bears at BQ I & II, I found that a wicked honed edge did great initially getting through the first layer of hide and making initial cuts...better than a rougher edge (I brought and used knives of both sorts and we sharpened to different levels during the process). But the rougher edge "held" longer, whether it was on the same knife or not, especially when you got down to separating joints and cutting anywhere in areas where the blade would frequently glance off bones. I've processed a few animals in my life but I never really performed a back to back test with the same blade during an extended processing session. Anecdotal evidence at best, but enough to make me question the honed edges superiority, as I thought it was in the past.
On my two blades I like a mirror edge, mainly because it's easier for me to get (paper wheel). On my 300 extremes and WW's, I use a double cut bastard file (flat, pull from back to front method) to bring up a rough wire edge and then finish on a 600grit diamond stone until all the file marks are gone....but very, very lightly on the last 100 or so individual strokes, still leaving micro-serrations on the blade. For me, even when I take the 3 blades further than that to a mirror polish, I don't think the edge is as effective as the 2 blades done the same way. I'm sure the blade angle plays a big part.
The great news is, BOTH obviously kill effectively as thousands upon thousands of expired critters will attest. 99% of the time, I don't sit on the fence on anything, but in this instance, you will typically find both a honed edge (most 2 blades) and a rougher edge (300 extreme and woodsmans) in my quiver. I'm confident in both. (sound of soapbox being kicked into the corner)
Great threads Rusty and Mike!