I did tear up an old leather belt and slapped some cheap polishing compound in it. Not only did it bring a new shine to my cutting edges, but also made them quite sharper. The compound came looking like a couple of soap bars, one coarse (brown) and one fine (grey). Only used the fine, so far.
Got goods results with VG-10, so-and-so with S30V (not much of a difference), and truly fantastic results with ATS-34, 154CM and Victorinox steel. The blades are now quite sharper and better looking that when they were brand new.
Yes, I too wondered why I hadn't done it sooner! Cheap, easy and fast.