<font color="blue">( Some hard core folks will tell you NEVER to use a grinder; always use a file. ) </font>
I'm still one of those guys (at least for now). I had always been told that grinding heated the steel too much and took out the "temper", leaving it more succeptible to cracking, or at minimum dulling more quickly. I know if I sharpen my chainsaw chains by hand file that they stay sharp much longer than if I take them in for sharpening where they use a high speed grinder bit.
That said, the filing is very slow. Now, seeing that Delta sharpening setup, I'd love to save the time and keep all my blades touched up. It does make an incredible difference in the finished job with nice sharp blades vs. dulled and/or chipped blades.
As for how much the blades can be sharpened (i.e. how many times, how thin the width before it's time for new blades), I believe I see a line on my 1060E and my Honda hand mower blades that indicates when it's time to replace. However, I definitely defer to those TBN'ers with much greater expertise for that answer.
Tom