For me this is a relatively new thing. I tried it years ago and sort of dismissed it (stropping on hardwood), but following my recent adventures with steeling I figured I'd better take a closer look at some of these other practices I thought I had a handle on. If I apply the compound with no oil the results aren't very good (my board is sanded very smooth, almost polished - if rough there is sure to be differences). With a very thin slurry, my results are very near what I get from a 4000-6000 grit waterstone. Now if I wrap some newspaper around a stone, apply a little mineral oil and white compound the edge is a bit more refined but starts to noticeably loose its last bit of microtooth. I've been using this technique on my machetes since I don't really draw cut with them (they might be capable of whittling a hair, haven't tried, but if not they're darn close - will tree-top leghair no problem). For my smaller knives I'm liking the compound on maple. I still think the waterstones make a slightly better edge, but most knives can't hold on to real specific edge qualities for very long anyway so, not as important as it might seem. I've been noodling around trying to come up with the most simple process possible that comes close. Built around just a combination Crystalon stone, some black and white compound from Sears, newspaper, an 8" maple board that sits on my stone, and a little mineral oil, its working out pretty well.