Buzzbait :
well made hollow grinds can be sharpened many times without a noticeable loss in cutting efficency.
So can flat ground blades. I think it was Tom Mayo who first brought this sharpening aspect out on the forums. Specifically he was talking about very thick *sabre* flat ground blades. This is a very clear distinction. If the primary flat grind is very obtuse, then the edge will thicken significantly with sharpening as the rate of the thickening is proportional to the angle of the primary grind. On fully flat ground blades this angle is 2-4 degrees and thus you can take as much as 1/8" off the edge and still lose performance by a matter of a few percent.
Consider as well that on high end materials, this really isn't a concern. We are far beyond the days of 50 RC, 1045 steel blades. The amount of use it would take for example to wear this much edge off current hard and high alloy blade, 62 RC D2 for example, blade is considerable indeed. The only blades I have seen that have had this much wear induced were either heavily damaged on a regular basis (edge rusting, chipping etc.), or were very soft plain carbon steel and saw constant use on a butchers steel for many years (10+) .
Another excellent overview by Jeff, of which I have only to add, that if you are looking for the ultimate in low stress cutting ability hollow grinds are much more functional than flat grinds. If you flat grind all the way from the spine to the edge (puukko style), you can end up with a very efficient cutter, but if you hollow grind all the middle out, then the blade will not only cut slightly better, but will be *much* easier to sharpen. Few people make knives like this though, so it isn't a practical advantage when speaking of hollow vs flat in general.
One of the real utlity aspects of hollow grinds comes in combining them with other grinds on the same knife. A hard wood felling axe for example has a primary convex grind which forms the body of the axe, but has a significant hollow relief above the edge to increase penetreation.
-Cliff