I love the sharpening topic -- opinions very so much on how to best do and what works -- as well as lots of myths and not so true common wisdom.
Given that all are of the opinion that you need sharp tools --- and scary sharp such that it will shave hairs on the arm is a good place to start -- note there term used by Robert Rosand and attributed it John Jordan -- "the tool could be sharper". Key is to sharpen when "the tools could be sharper" -- and not wait until it is dull
Vendors make sales on the next part -- how.
There is some pretty good research and published info (AAW) that sharp is sharp regardless of the steel. Beyond that tis a matter of durability/toughness as to how long it takes to erode the edge to "could be sharper". you can polish them all to the same edge. How long the edge lasts under what conditions -- and for what end outcome is the key. I think differently about rough shaping and forming shapes vs fine finishing cuts for the last surface.
The gamut ranges from dry grinders to wet grinders to diamond hones to fine rocks --
And they all work --- some take more time than others and some take more skill than others.
I hone skews with a fine diamond flat hone (I use the one sold by Alan Lacer) and any tool used like a skew is also honed as I go -- it tends to steepen the angle of the edge and create a microbevel, and I have to grind a bit heavier to reestablish the base edge (message - hone vs grind is prettymuch a zero sum situation given you are not a heavy hand at the grinder -- but rather develop a fine touch and need only take off a few thousands).
John Lucas is a really good turner who shows a light touch
http://www.youtube.com/watch?v=M9G16ylEZHQ
Notes --- temper point for high speed steel is about 1100 degrees F -- you cannot lose temper on a high speed steel tool with wood turning -- but you can erode an edge
Temper point where high carbon steel starts to change from hard brittle is about 350 degrees F and it gets softer and less tough fast for about 100-150 degree above that and you can get that hot with some hard dry woods. Mesquite is a good one for turning hot chip into the hand.
Acrylics -- very much heat equals dull tools --