Page,
I understand what you are saying, and I agree with you. I think that the average slack/belt and paper wheel sharpening job is probably very much like you describe. I am a bit more particular about my techniques, and I feel that I get a much better result than what probably would be achieved in "normal" circumstances.
I have specific angles, pressure, and speeds I use, as well as specific abrasives. I have 5x, 10x, 40x, and 100x professional quality loupes that I use to inspect the edges during and after sharpening and testing, to monitor my results and final geometry. I have an extra hard buff that I hand load with a homemade compound containing lapidary diamond powder with a lubricating/cooling agent as the carrier (this is my version of a compound used in optics, which I found out by accident, works amazingly well for loaded stropping). I run it very slow, probably a similar SFM to someone dragging the blade across a stone quickly by hand.
I have a fairly impressive hand sharpening setup, including a wide selection of AO and diamond lapidary films down to 0.1 micron (I used to work at an optics company). While I am able to get a better result by hand finishing, I haven't found it better to the point where I feel a need to stop using my current machine-finished method, at least for working edges (meaning multiple daily uses).
I've sharpened knives for friends, family, and acquaintances for many years, and most of the knives I sharpen are either kitchen knives that get thrown in dishwashers and into the sink banging against everything, or working knives that get abused in just about every way imaginable.
At one point I was hand finishing blades for people just for that wow factor, but when you have someone bringing the same blade back every month with the edge totally obliterated, spending much more than a few minutes sharpening it starts to make very little sense. I haven't found hand finishing a significant help, with the amount of misuse inflicted on most of the knives I sharpen for people. We aren't talking wearing down a few microns, more like big chunks and chips taken out of the edge, almost every time the knives come back. Advising people to be more careful has pretty much failed at this point, unfortunately.
I used to sharpen almost exclusively by hand, in fact, but the amount of time it takes vs. the amount of time it takes to ruin, is what finally forced me onto the machine. Prior to my KMG, I used the slack part of the belt on my 6x48.
I think on higher end customs, very refined hand finishing is fully warranted and almost expected, but on working knives, it's still hard for me to adopt again.
edit: This reminds me of the "disposable box cutter blade" discussion I read in another thread. People are so abusive to their knives and have such little desire to maintain them, that they just buy disposable ones they can trash and throw away. I see this mentality almost every time someone brings me a blade for sharpening. Tradesmen nowadays are so used to cheap, disposable imported tools, that they've forgotten the virtues of caring lovingly for a fine tool. I think the degree/type of sharpening a blade receives relates to the user and intended use as much as the blade's design does.
I cringe when I see people nonchalantly throw a screwdriver or wrench on the ground or over their shoulder, instead of just setting it down. I see the same type of thing with the knives I sharpen. I buy good tools, and I treat/maintain them as such. I guess when someone can buy a screwdriver at HF for 10 cents, they aren't as worried about ruining the tip by chucking it at concrete for no reason.
I still do hand finish sometimes, the last was a Benchmade gold class that was an EDC, and lovingly cared for. I put a scary sharp edge on that sucker, and I'm pretty sure it's probably still very sharp.