I'm not quite sure how to vote here...If there was a third option like "BOTH HONE AND SHAVE" that is what I would say. I've honed quite few razors in the past few years...though not nearly as many as some... and I agree that you can tell how a razor or more specifically the 'steel' will shave when sharp to a large degree. BUT...it's still the shave that counts.

As an example I just honed a rather nondescript Union City Razor Cutlery Wedge. It honed quickly and easily and felt good on the hones, but the shave was simply outstanding. Great steel! It reminded me a lot of the shave I get with one of my Filarmonicas.

I also find that particular razors shave better when finished with particular hones...a Sheffield finished on a coticule or escher for instance. BUT if I am forced to vote on the two choices above...I'll say the 'SHAVE TEST'!