I don't have a lot of data points yet, but it seems to vary with the bit size. Once the bit is locked into the chuck, my smaller bits (e.g. 7mm) get a fine edge in 4-6 sharpening passes (with 180 degree rotations between passes). Larger bits (3/8 inch, 10mm, etc.) require 10-12 sharpening passes. Maybe this has to do with the amount of material to be removed, or just the dullness before sharpening. I would be curious to know if other DD owners experience the same...
I did read in the DD user guide that you should get around 200 sharpenings from their diamond wheel before it may need replacement. Their documentation also suggests reversing the diamond wheel to extend its life. See page 31: