Mircoserrations are going to "chip" off, resulting in a dull knife. Were as a polished edge has nothing to break off, which will stay sharper longer.
It is not quite that simple - there are other wear modes that contribute to dulling - general frictional (or abrasive) wear, and edge deformation dulling among them. And none of us know what percentage any of the wear modes contribute to the overall loss in cutting ability. I suspect it changes greatly with different steels, with varying edge geometry, with what you are cutting, and with edge finish. For some cutting equations one mode will be dominant, and for other cutting equations a different wear mode would be dominant.
And while a microtooth may easily break off - it could leave a "micro missing tooth", or "valley", and actually increase cutting ability for a bit.
Most stuff I've seen has speculated that most dulling comes from edge deformation - the very edge getting deformed and wearing as opposed to just a microtooth getting deformed and then wearing off. Think of the immense pressure exerted on the edge of a knife during a cut, and I think it will help illustrate. How many psi is exerted on a 1 micron edge with a 20 pound cut through 5/8 manilla rope? It is a crapload of pressure.
Now you could test the same edge at varying finishes, and use that to determine which edge finish has the best edge retention for a given steel at a given edge geometry, using a given cutting motion (slice, push, ?) cutting a given material. Alas no one has done this kind of testing that I'm aware of.
I tend to agree that the sharpest polished edge generally cuts the best, and generally keeps its edge the longest, cutting many commonly cut materials, but there are too many variables involved to make a blanket statement, IMO.
For me, the answer lies in trying out different finishes with a given knife cutting the materials I cut most - for most cutting I prefer the polished edge, but for some cutting I prefer the 600 grit DMT edge. And it is no trouble to me if the 600 grit edge may wear a bit faster - with two or four swipes on a 600 grit DMT rod it's just like new and ready to slice some more. Whereas getting that telephone book paper-tube cutting edge back takes more work.
gotta work now - sorry for the long winded tech rant.