Hey guys, it's your stuff, do what you want. I am going to trust the findings of Dr. Herbert Weisshaupt who has earned a doctorate in physics and is a member of the German Messerforum. This guy
knows what he is talking about. He is not a maker or a professional sharpener who tries to sell his customers a quick&dirty method that will make the knife sharp quicker and keep his customers coming back more often - the "worksharp" gizmo comes to mind that sends sparks flying all over the place, just watch the commercial on youtube.
When asked by another member if it was at all possible to sharpen a knife on a dry belt (with the right experience, equipment, and lower speed) without drawing (some of) the temper at the edge, his short answer* was NO.
So I am going to stick to sharpening methods that aren't detrimental to the edge holdig ability of my tools, thank you.
Ookami
*The long answer was that it might be possible with (experience etc. and) constant dipping of the blade in water, provided the steel is especially resistant to annealing (like HSS, 440c, or 154cm). Axes - and most knives/tools for that matter - are not made from these steels.
That said, you can use a belt sander to carefully reprofile your knife, b/c the damage done to the edge will be removed the next time you sharpen your blade properly (i.e. with a water cooled grinder or on a good ol' benchstone).
If you sharpen your knife on a dry belt the very edge will always have less edge holding ability than it could have. The same goes for the guys who use a buffing wheel to knock off the burr or strop the edge.
For those whose German is up to the task, you can download his paper here:
http://www.messerforum.net/attachment.php?attachmentid=35835&d=1182286243
(you may have to register first, dunno)