I with Jimmy on this. I only use the palm of my hand to condition my strops. It's worked fine. If I understand the soap method correctly, it does increase draw somewhat, and loading up fine leather with soap can't be good. I like my strops the way they are. Old soap's were different, than the one's manufactured today, as you mentioned. I could never bring myself to rub soap or lather on any leather.

Now, I've restored an old strop before, using saddle soap, and cleaning the linen. Then, and only then did I use a small amount of neetsfoot oil to recondition the leather. I've read these posts before and I'm not quite sure what the motive is of the guy rubbing soap/lather on his strop. Damage or reconditioning is one thing, like Glen pointed out, but changing draw or boredom is another.