Even though carbides (chromium/vanadium) are very hard, abrasives like diamond are harder. Therefore it's possible (though not necessarily easy

) to abrade and shape the carbides with the appropriate abrasives. Sharpening D2 has taught me that it definitely takes more time to do it, but it can still get a lot sharper than the implied carbide size would seem to allow.
The tricky part is in being able to abrade the carbides at the edge without tearing them out of the surrounding softer matrix steel. To me, that means using very hard, but also very fine-grit abrasive appropriate for the steel, and going about it as gently as possible. This is why I'm convinced a lot of extra time is needed to get it there. That's how I've gone about refining my D2 blades; all of them have been a 'work in progress' for some time, and they keep getting sharper as long as I don't try to rush the process.
In comparing the cutting performance of the edge vs. how big the steel's carbides are said to be, I always think about what Crucible has spec'd for S30V's average vanadium carbide size (2-4 microns). It's been said that a true shaving edge needs to be sub-micron in thickness, maybe 0.5 micron or thinner. So, if one is routinely able to shave with a steel like S30V, or D2 with chromium carbides said to be much, much bigger, then I think it's safe to say it's possible to actually shape the carbides at the edge by abrasion, using the right tools and techniques.
David