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I don't think you can dismiss the honing element. But, that being said, I've had several blades honed by the same man and the W&B seems to provide a better shave. I have a wedge and hollow ground....

I'll be honest. The best shave of my life came witha razor I got on eBay for $40. It's an old Wade and Butcher 5/8 wedge tha TI recently had honed. It shaved better than myp Philly or Friodur.