Like so many topics on this forum Sean – the answer to your question does depend to some extent on the kind (and size) of work you are undertaking. As a general rule – honing is a useful thing to do the smaller the work you are undertaking and/or the finer the 'cut' you wish to take (given that a sharp tool is essential to take a very fine cut). However, I also view "honing" as a useful way to keep tools sharp without regrinding them.
Whilst I don't know what you had in mind when you asked this question – my eye was drawn to the word "final" in your question and it reminded me of Don Gordons views on the subject. Don wrote a series of articles called Low Cost, High Precision in ME about his use of watchmaker techniques to build his small scale marine engines. For really sharp (small) tools he recommended the use of Diamantine and oil on an aluminium plate to put a mirror like shine on his very fine tools and gravers. I've tried it and it certainly works very well when you need a really sharp tool for a small part. Any watchmaker supply shop should stock it. I use Swiss Bergeon Diamantine (from HS Walsh) – a small pot of which will probably last my lifetime.
Of course, when roughing scrap mild steel down to size, my tangential tool holder gets used (the tool of which still gets slightly rounded at the tip) because it's so quick to regrind if damaged – so it is very much about using the right tool/method for the appropriate work…
Regards,
IanT