The "micro-serration" doesn't work exactly the same way on a straight steel blade, but somewhat similar. The reason is that a straight steel blade is a single, homogeneous steel, that is generally all the same hardness.
In a mix of high and low carbon damascus, the low carbon material sharpens away at a different rate than the high carbon layers, which is what creates the effect on that type of damascus blade. Due to the hard/soft structure, this effect will continue to be prevalent as you use this type of blade.
Similar cutting characteristics can be achieved on straight steel by sharpening with a fine India stone, or a worn out 400 grit belt, and then NOT knocking off the wire edge thats left. The difference is that the straight steel blade's "serrated" edge will wear away more quickly, and hence will SEEM to dull more rapidly than the same edge on a high/low carbon damascus blade.
There are basically two type of final edges that I apply to knives. A "working" edge is what I will usually apply to a hunting type knife, which I do by using either a fine India stone or a worn out 400 grit belt at very slow speed. This edge will not always be "hair popping" sharp, but it is very aggressive and works/lasts well for using applications.
The other type of edge that I apply is for customers whom I know will want to impress their friends by shaving hair from their arm, or slicing paper, etc. is slightly different....... I apply this edge in the same manner, but add the step of lightly buffing the edge on a loose buffing wheel with pink no-scratch compound. This knocks off the wire edge, and produces a "razor" edge, that is "scary" sharp. Although this type of edge is "sharper" it is not necessarily the best edge for using type situations.
Again, we're back to the variables. Theres a ton of them involved. If you want to compare edges, and are planning on using a belt to sharpen, I would encourage you to NOT go any heavier than a worn out 220 grit belt. A 120 will remove much more material than what you realize, creating larger edge bevels, which in turn will increase the cutting resistance, and make the edge seem dull. The devil is always in the details. Experiment and find what works best for you. Didn't mean to get so far off the subject, but again, I felt it needed to be explained.