My answer is coming from my experiences sharpening KNIVES. I have also honed a few razors, but I have never taken them too far in my understanding of what this means.

1. Too far could mean removal of more steel than is necessary. How "necessary" is defined is a sticky topic...particularly with show knives. Some want to do whatever is necessary to make a VERY uniform and symmetrical bevel. It is possible to achieve high levels of sharpness with very odd looking bevels.

2. Too far (IMO) means refining an edge to levels beyond what is practical and sustainable by the steel and the geometry of the blade for its intended uses. This I have a lot of experience with in the knife world. I have had people request a pocket knife to be profiled at a certain angle, then have the bevels polished to a mirror finish, and the result needs to be HHT3 or better. While it is certainly possible for almost any steel available today on quality knives, I know of very few that will sustain this level of sharpness beyond a few basic cuts you might expect a pocket knife to perform (such as opening mail).

Razors have a MUCH narrower scope of work, but I would suggest that they can be taken too far also (by the second definition). I doubt that it is done often, but I suspect (without any evidence or data) that extensive stropping to finish a razor on compounds in the 600K range would fit my definition. Opinions probably vary