It just might be that there really is no definitive answer that applies to every user. Really if you can hone it to shave ready no matter it's faults/condition then it is still usable. If on the other hand you don't want to go to the effort for whatever reason then it is spent. Sorta like how high is up?
Bob
Up is twice as far as half way up. I agree, if you want to, and can, take the time to get it in shave ready condition, then its still functioning. If you cant, or are unable to, then move to the next one.