This how I rate (use) them -
220 grit silicone carbide lapping compound for any edges coming off a coarse diamond stone, the coarse side of any combination stone, up to 800 grit waterstones, or up to 220 grit sandpaper. This is the only compound i use on the rough side of the leather.
Black emery compound (Sears) for any edges coming off a fine diamond stone, the fine side of a silicone carbide combination stone, 1200 grit waterstone, or up to 800 grit sandpaper. Used on the smooth side of some tough leather roughed up with sandpaper
Flexcut Gold (white) for any edges coming off an extra fine diamond stone, the fine side of an Alumox stone, 6000 grit waterstone, or 1000-1500 grit sandpaper.
Green chromium oxide for any edges coming off an extra extra fine diamond, Spyderco fine or extra fine ceramic hone, translucent or surgical black Arkansas, 2000 grit sandpaper or finer grades of lapping film, and presumably finer grades of waterstones (of which I own none).
After any level one can use plain leather but this most noticeable payoffs aren't really present till you get to the white and green compounds, and realistically only the finest (green compound) edges benefit from plain leather (IMHO).
One can use them in series to "jump" stone grits but there will be increasing amounts of convexing at the apex and this will be noticeable in use compared to using a corresponding grit stone with an approximate equal value strop grit. It works, but is not "best practices" - IMHO. When used on hard leather or wood I do not believe its possible to "round" an edge, rather the edge angle increases to the point where cutting efficiency suffers - even an "overstropped" edge can usually shave armhair but starts to fail cutting newprint etc.
Hope this helps.
HH