I like it fine sanded to a clean 600 grit and buffed with pink or white rouge. IME that's high enough to avoid dark scratches in the finish. Stan's right that it's better over liners- it's quite translucent and may show fastener shadows and any dark spots on the tang. I like a white or green liner with it.
Be careful when sanding it next to metal, such as the tang edge or a bolster/guard- it will pick up smudging from the metal. Best bet is to keep you paper clean and new, and sand high enough that grime won't smudge it anymore. Cleaning with a rag and some WD40 or PB blaster will remove smudges during finishing and after buffing. Smudges that stay after buffing and oiling need to be sanded higher or more thoroughly.
It's much like working with any light colored synthetic handle material in these respects.
