I am with Glenn on this one. Just touch up the bit with a diamond stone and you are done. You would be surprised how easy and how fast you can get a router bit sharp.
For what its worth, I don't hone the rounded profile of the bit. I touch up the flat backside of the bit which is what makes the router bit sharp. You wear away enough of the backside to get a crisp edge. Whenever I touched the rounded profile of the bit,I think I made it more dull.
Here is Alyson "helping" me sharpen one of my bits one afternoon.
I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"