It is not a bogus concept. The finer the structure of a knife steel the finer edge one can achieve.
Knife Edge Diagram PDF
Click Here
Done by R. Landes, a metallurgist and knife maker.
Experiments on knife sharpening:
Click here
Done by metallurgist J.D Verhoeven.
Note the edges are 0.5 Micron. If any structure of a knife steel is bigger then that and one cannot sharpen it or it chips out then you wont be able to get a quality razor edge. That is why razors still use steels that are fine in structure. Bohler developed AEB-L for Gillette to my knowledge. Similar steel is 13C26.
Click to download pdf of Bohler
Sandvik:
Razor edge sharpness
Sandvik 13C26 knife steel is developed for razor blade applications which means a strong focus on hardness, sharpness and edge stability.
Sandvik 13C26 is the Sandvik knife steel grade with the highest achievable hardness while still maintaining the fine carbide structure which is characteristic for Sandvik's knife steels.
With exceptional edge performance and good toughness this grade is an excellent choice for demanding cutting applications where the moderate corrosion resistance of Sandvik 13C26 knife steel is not a key issue, or if the blade is coated for corrosion protection.
With a recommended hardness range of 55-62 HRC, exceptional edge performace with scary sharpness and good toughness, Sandvik 13C26 knife steel is recommended for surgical blades, razor applications, whittling or as a surface coated EDC (Every Day Carry) knife.
Like most of Sandvik's knife steels this grade is fineblankable enabling efficient production.
SANDVIK source link
Unfortunately, many of these steels have had some bad rep due to improper heat treat resulting in poor performance.
Here is a test of AEB-L edge retention and how easy it can be restored to shaving sharpness:
[video=youtube;6B4QH7DJvVE]http://www.youtube.com/watch?v=6B4QH7DJvVE[/video]
These steels however are not as wear resistant as others and currently, most people like their high wear resistant steels like M390, S90V, 10V etc.
Here are initial tests done by Phil Wilson.
http://www.bladeforums.com/forums/showthread.php/424485-AEB-L-Cutting-tests-and-first-impressions
and Jim Ankerson
http://www.bladeforums.com/forums/s...based-on-Edge-Retention-cutting-5-8-quot-rope
Showing the performance of higher wear resistant steels in rope cutting.