Hi Jim,
I've been playing with it as it came out of the box. It seems quite sharp to me, though someone more experienced with hand planes might disagree. It's producing a glassy surface on my 2x4, but it hasn't touched any hardwood yet. So far, I'm happy with the purchase.
Cool, I am picking mine up tonight. I would imagine it would not take much to hone it up on a stone and get it cutting. Im working on a table top I have hit with my low angle jack plane, I will be interested to see how this will smooth it out. It looks good now, a few pecker tracks from the low angle plane, but they also sand out easy enough.