I heard a theory from an old tool maker that applies to new plane irons and I think new razors as well: During heat treatment the edge gets hotter than the body which leads to a harder edge after the quench. Essentially about 1/32 of an inch at the edge is over hardened. If honed immediately then you will get a smooth edge, but the next honing will relieve the stress in the edge and the blade will be chippy. You then have to keep honing until the over hardened (chippy) edge is removed. Killing the edge just speeds up the process and three to five kill/hone cycles will get you to the properly hardened metal.

That was his theory and I just follow his advice: If a new blade gets chippy, kill it and hone back the edge a hair.