Similar to what Jim does, I have 4 pressure sensitive adhesive (PSA) sandpaper grades on a plate of glass beside my lathe. I sharpen only once every few days to once every few weeks, but do a couple of swipes on the sandpaper grades (honing) with every minute or so of use. It becomes kind of a natural action of sorts after the first few times. Sharpening is necessary when it begins to lose its shape, but honing up to a few dozen times will keep it sharp.
I have .3 micron sandpaper, 1 micron, 5 micron (I think) and another higher grade. After getting my edge, I will turn on the lathe for a minute or so and then swipe on the .3 micron a couple of times. After 2 or 3 times of going through the procedure during the turning process, I will swipe on the 1 micron 2 to 3 times and then the .3 micron; After several times doing this procedure in the turning process; I will swipe on the courser SP and go down through the line to the .3 micron again.
You can keep the edge as sharp as a razor without making it thin as a razor blade.