You guys have it right--yellow/slurry, blue/slurry, yellow/no slurry.
I'm not 100 percent sure why this works, since I've only done a few razors this way so far. I know it's possible to skip the blue, since that's how LX_Emergency does his honing in the video.
I've tried going yellow/slurry to yellow/no slurry, which theoretically seems like it would leave an even finer, more polished edge. Instead the edge seems too polished to cut. I'm not sure how to interpret this exactly, but it just doesn't seem to shave well.
Lynn and Randy, I think, advocate using just five to 10 strokes on the coticule after the 8K Norton. Bruno said that doing a lot more than that seems to dull the edge somehow rather than sharpen it. I've noticed the same thing.
The coticule seems to produce its finest edge within a relatively few strokes after coming off a coarser hone. Right now I do about 20 off the blue, which is slightly coarser than the 8K (and I'm using a tiny coticule). When I get my larger coticule I'll probably reduce this to 10 to 15--we'll see.
I should add that I started out trying to do blue/slurry, yellow/slurry, yellow/no slurry, and the results didn't seem as good.
Anyway, I'm still experimenting a lot with these, so take this as a jumping off place rather than sound advice. :)
Josh