The butcher's steel will realign the edge that has been rolled over...and is often only recommended for softer steels, like the German stuff, Chicago Cutlery, etc. However, as you repeatedly steel the edge, the edge retention will degrade. Think of a paper clip. Bend that paper clip back and forth a few times and it breaks. That's sorta the idea with steeling an edge. ....a CERAMIC butcher's rod will handle this task exceptionally well.
This is also my experience: use a butcher's steel on a really hard blade and the result is often a burr on one side, the edge is just bent over. Keep using the butcher's steel on a knife like that and after a while there will be tiny chips along the edge, the result of the paper clip analogy samuraistuart mentions above. With softer knife steels, those used in a vast majority of kitchens in Europe and America, a butcher's steel, used gingerly and at a more pronounced angle than the honing angle, will actually create a microbevel along the very apex of the edge. We've discussed this here often in the past and it still applies, which I can attest to daily in my kitchen. I sharpen my knives on stones at an angle around 15-17°. After using that edge for a while, its keenness decreases and I reach for the butcher's steel. That I use at an angle more like 25°, maybe even 30°, very softly and with many alternating strokes. The results are amazing. My knives are touched up with a butcher's steel very often, even every ten minutes when I'm doing a lot of slicing, and they stay very sharp for months before having to return to a stone. Under a microscope or strong magnifying glass you can clearly see the microbevel that has been created by the butcher's steel. Way back in 1977, John Juranitch published photographs of knife edges that had been run across a butcher's steel and commented that they appeared to have been melted and resembled the frosting on a cake. I think the butcher's steel, when applied to such a narrow section of the edge, simply removes steel the same way a stone does. Softer steel is being scraped along harder steel, and something is going to give way there. In the process, heat is also being created, so maybe there is some melting going on. Is there a metallurgist out there that can offer us more advice?
In the "Microbevel" thread found here:
http://www.bladeforums.com/forums/showthread.php/634739-Microbevels/page7
and in HeavyHanded's thread on steeling
http://www.bladeforums.com/forums/s...-steeling?highlight=quick+close+look+steeling you can read more on this.
To improve results, I recommend a flat or oval butcher's steel. These apply the least amount of pressure to the blade and help to avoid a burr. Again, this applies to softer stainless steels. With harder steels I do the very same thing, but use a fine ceramic rod (at 25-30°) to touch them up instead of a butcher's steel.