It's actually quite a good question. I've always measured my honing ability by judging the edge of razors I'be bought. My first razor, a Burrell Top Flight, was very sharp; and still is. However, I have a light beard and it could be that someone with a heavier beard would judge what I see as a sharp razor as being middling. In other words, maybe I'm easily pleased?

I have sold one razor to a fellow on this site; and he reported that he was happy with my edge; but I think he sent the razor out to be honed and also reported that it was a little better than my edge when it was returned.

Really, a razor should satisfy YOU (unless you're honing for others or selling 'shave ready' razors). Also, as has been stated, you can go too far and end up with a weak edge that will degrade quickly.

I believe there's a thread here somewhere where we discuss sharpness and smoothness; and if there's a trad off. I tend to think there is, but also feel the feel of smoothness may come down to the type of steel and also maybe the razor's profile (wedge Vs Full Hollow), however, I think from memory we (the group pf posters) couldn't or didn't really agree if sharpness and smoothness were related or if a razor that was too sharp lost smoothness; or even if there's such a thing as too sharp...

So, in answer to the question, maybe there is no answer?