I was taught that every young man should know how to put a "working" edge on any tool that cuts. I can remember one of my grand dads brothers teaching me how to use a circular stone to sharpen my little Plum hatchet, used a lot of spit, cut myself at least once but finally got it to where it would slice paper. Over the years I've graduated to the Lansky system and think its about the easiest, safest way to achieve an edge that would take you dozens of hours with stone and steel. I agree that an edge should never be allowed to get to the point where all you can do is spread peanut butter and that is a good point. There are only two edges on a knife, one you can shave with, the other you spread peanut butter.
I still think its worthwhile to learn how to use stones and steel to get a good working edge, its like riding a bicycle or shifting a non syncro gearbox.