When I worked in a mower shop during high school we sharpened the blades on a grinding wheel. We hand held the blade and put a continuous bevel grind on the cutting (top) surface so the customer could touch up the blade with a file if they wanted to. Charged a buck for the job!
We sharpened our rental mower blades everytime the mower came back from the field, and always checked and adjusted the balance of the blade.
A slightly out of balance blade will put lots of stress and vibration into the bearings and deck, although you may not be able to feel it.
On my MMM I usually only sharpen the blades when I have the mower deck off to put the tiller on (don't ask). I can really see the difference in the cut after sharpening. I also straighten the blades at the same time. I won't get off the mower for a branch smaller then a couple of inches in diameter /forums/images/graemlins/smile.gif
The mower makes chips out of the branches, but it tends to bend the tips of the blades up after a while.
I would not be the one to recomend this practice to anyone, but my MMM is doing fine after over twenty years of "chipping", mostly hemlock.