Did some work with a homemade tester that gave interesting results relative to this discussion. I need to go back when I have more time and really dial it in better, as I can learn a lot more from this unit than I have thus far.
My experience has always pointed to tailoring the edge to the use when practical. So items like my Chef's knife, hatchets, machetes get done to a bright finish and pocket knives tend to have a toothier edge to facilitate a bit of draw. That said, it is the material to be cut that determines the best strategy.
All else being equal - Fine edges chop and shave better as they have less variation along the edge = less friction. Used to draw cut they tend to dull more rapidly as they have less variation to be consumed before the edge is dull. They can also suffer penalties of needing more applied force to make the draw cut than a comparable toothy edge, more pressure on the edge = faster dulling.
Toothier edges draw cut better as they have more friction - also have more cutting surface due to the irregularities and so likewise tend to last longer when most cutting is done with a draw. Used to chop, they will dull more rapidly than the brighter finish as the increased drag causes the edge to experience more pressure.
Most uses will be a trade off, so a medium finish is a good compromise for a multipurpose edge. Most folk will likely favor the edge they can easily and reliably touch up with the gear they are most comfortable, even if that edge finish isn't the strongest performer in a test to failure. There is a bit of overlap regardless.
Anyway, back to the tester. It can be set to run variable length of draw or none at all, and make use of a static load or a dynamic one where either/or the amount of force need to make a cut, or number of cuts at a given amount of force can be tracked with fair amount of accuracy.
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One test involved setting the edge with a 4k Norton waterstone (Approx 1300-1400 ANSI). The load was 10 lbs static, 2" draw on 3/8" Manila rope. At the start and end of the test I measured dynamic load needed to execute a chop cut on the same material.
So - 12.5lbs needed to chop the rope.
90 passes with a draw cut at 10lbs static load before failing 3 passes in a row
16lbs to chop with the now "dull" edge
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Same knife prep'd at 800 grit ANSI yielded average:
16lbs to initial chop cut
161 passes before failure
26 lbs to chop with "dull" edge
over a 70% increase in number of passes with the rougher edge before failure. After failing to make the draw cut, the finer edge chop cut with about 40% less force than the rougher edge - in fact it equaled the force of the rough edge freshly sharpened.
This is the test unit:
https://youtu.be/2pxtGRaJT2I
Find the right strategy and you'll spend less time maintaining your edge, increasing the lifespan of the tool - edges/edged tools are a consumable. There is no one perfect edge finish, but some compromises work better than others based on usage habits.