On a related note Woodworking magazine has an article testing 1/2in chisels this month. An interesting test of edge holding was to measure the sharpened edge with a profilometer, simulate use by using a standard load to cut against oak, then remeasure the edge. The Japanese chisels tended to hold up well, and the Sears did surprisingly well on edge holding but the handles were kind of funky. An interesting test method though, which didn't correlate with the measured Rockwell hardness or cost.
I tried dry sharpening with a new Arkansas stone and while it seemed to cut quicker initially it also loaded up pretty quickly. I prefer using oil with an Arkansas stone, and also will usually strop on some leather to finish up.