I like to keep my edges very sharp, so I mostly do maintenance on knives I personally own. If they won't cleanly slice newsprint, it's time for a touch up.
When I'm evaluating someone else's knife, I first check to see if they have a "working edge" by seeing if the blade catches on my thumbnail held at 45 degrees all along the edge. If it just slides off, it's dull. If it catches, then I'll do a finger test with the pads of my fingers to see how sharp it feels. If it feels very sharp, I'll test it on newsprint. If no newsprint is available, I'll shave my arm hair with it.
This lets me determine the level of sharpness and what, if any, work needs to be done.