This is a very good question Will.
There are many guys that ONLY hollow grind (NOT ALL) that I hear tell customers a flat grind is no good because it's too thick... yet they leave their edge's VERY THICK :barf:
For most of my working knives I have come to prefer a flat grind to the spine with a very slight convex right down near an edge. In fact, I often take it to an edge, and then sharpen it back slightly on stone before hand-finishing (stones and paper abrasives).
I still hollow grind as well though, and again, I go for as thin as one can get away with for the steel and intended use.
I just finished up a push dagger that was hollow-ground, from S30V, and I ground the edges to 0.005" before hand-finishing and then sharpening.
I think most knives can be taken that thin...or close anyway... a general utility taken to 0.010" and sharpened at a 15-20degree bevel (each face) will cut like crazy and still be robust enough to hold up to what it should encounter.
OR, you could have it the 0.125" on one side, and down to 0.060" on the edge with a 3/16" wide secondary bevel and chop cinder blocks up!!! LMAO!
I try not to be real opinionated about knifemaking in general... but a thin edge is REALLY important to me.
It's difficult, takes some finnesse work, more hand-work to make it super clean/well executed, but we are making things to CUT
Sorry if I sound like a stick in the mud

I'll get down off the box now
-Nick-
http://www.wheelerknives.com