Thanks Dale, I will try the strop as well, I am finding the Chisel ground more difficult to sharpen than I thought it would be.
Use the 40 deg slot and make sure you're actually hitting the bevel on the SM. The Sharpie can be a real help here. Keep the pressure light. Maybe even try trailing-edge sharpening instead of leading-edge. Emerson's 154CM is fairly easy to abrade so a lot of pressure and high reps shouldn't be needed if the knife gets regular attention. You will probably have to adjust your angle away from 90 deg. All my Emerson's run a bit more obtuse than that.Not to worry, though. The flat side of the CQC7 blade still makes the edge very sharp and capable.
As far as cutting paper... my Emersons aren't as "slick" there as my Spydercos and BMs and ZTs either. I find that the Emersos work better for me with a slightly toothy edge, so I use the F SM rods and knock the burr off with a strop. After that, I find that they actually cut material as well as, or better than, my more highly refined double beveled edges. For instance, I took my mini-15 to work in the warehouse one day and used it breaking down a few computer workstation setups. That meant cutting through a fair number of industrial (not computer) zip ties that we used to strap power supply cables under steel work tables. The mini-15 ate 'em up with almost no pressure needed. My fine slicer PM2 and Rift and small Seb have to saw through those zip ties when I take them to work. And those other knives will pop hairs when I finish sharpening them.
Now, I do go very fine, almost polished, on the edges of these other knives, just because I can and it's fun. They pop hairs. They filet phone book paper. They're impressive, at least to me, because it took me a long time to learn to do that. My Emersons just get The F rod and a pretty toothy edge. That makes some difference in the performance of the knives. I know that.
But you know what? I can't remember the last time I was attacked by a phone book and I had to filet it in self-defense. I do remember how easily my mini-15 handles real world warehouse and home remodeling work... and how easy it is to get it back in shape after the jobs are over.
My point is just that I've become more impressed by the actual performance of a tool in a real situation than I am by tests that don't really have a place in what I do. I do, however, use paper cutting to check the consistency of the edge on my Emersons. When I cut phone book or printer or newsprint paper now, I'm looking for consistent performance along the entire edge, not how effortlessly the edge slices the paper. A clean cut like you mentioned above that feels and sounds the same along the entire edge is what I'm looking for with my sharpening. I want to make sure that I haven't left a flat spot or a dull spot on the edge. If I've done that well, I find that the Emersons I use will equal any of my other knives in my real usage even though they don't rack up test points like the other brands do.
Sorry to be long-winded here. I just hold my Emersons to a different standard than I do other knives and I wanted to try to explain that.
'Course... it could all be in my head, too...