I'll have to take the opposite viewpoint, Nikk. I worked in a meat plant last summer and used a steel all day on victorinox stainless steel knives. The steel I used was smooth (almost anyways.) I bought the Razor's Edge Pro kit last summer as well, and it came with a true smooth steel. I steel my AFCK (ATS-34) almost daily and it keeps it sharper longer- quite noticeably actually. The smoother the steel, the better since all you are doing is realigning the edge. Ridges are coarse so it can be damaging to a sharp edge. Also, I'm not sure why everyone says that the steel MUST be harder than the blade. The edge of a knife is very very thin, so the steel doesn't need to be harder as far as I know. Sure it can't be as soft as butter, but it doesn't need to be harder than the blade. I can take a block of wood and poind the heck out of a piece of sheet metal, even though the block of wood is softer. It is in virtue of the fact that the block of wood is a large solid mass up against a thin object that it can deform the steel. Similarly, The sharpening steel is a thick rod of steel put against the edge of a knife which, although being hard, is thin and so can be straightened by a steel that isn't as hard.
Whew! Thats my take on steels, although I'm always experimenting...
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"Come What May..."