I've been reading the wiki, and some honing threads...is my understanding of the Belgian Yellow Coticule correct?

1. It can set the bevel if used with the slurry.
2. It can then refine the edge with diluted slurry.
3. It can then be used to polish the edge with water only.

In short, it does everything?

I'm sure I've seen a clip somewhere where Lynn hones with a Norton 4K/8K and then finishes with a slurry on a coticule, which contradicts all of the above doesn't it?