The official stand on this website is that "overhoning" does not exist.B)
Maybe some hones can cause microchips. Those hones suck.
Your friend Sham is correct that each given hone has its physical limit in how finely it can define the intersection between both bevel panes. At that point, it just removes steel, without further keenness gain. That notion itself defeats the "overhoning" hoax. You can hone a razor into oblivion on a Coticule (an I believe on any other hone as well) without ever encounter something like "overhoning".
I just typed a long explanation about overhoning, how I never experienced it, while I have honed many razors doing many laps on a variety of hones: Coticules, BBWs Choseras, DMTs, Nakayamas and lapping film. Halfway typing the post, I took a break to have diner. When I finally posted the message, something went wrong, and I lost all the text. (It has happened before, but Firefox' back button always saved my butt. Unfortunately not this time.) I'm too fed up right now to completely reformulate my original response. Let's suffice to say that I consider "overhoning" to be a hoax that originates at StraightRazorPlace.
There really was a collective "overhoning" fear 2 years ago on SRP. It seems a bit better nowadays.
I regularly receive "problem" razors. Never saw one "overhoned". Underhoned I've seen plenty...
Concerning Ralfy's problem: after rebuilding an entire bevel, I hardly ever get a stable first edge. I always attributed that to minor issues with the temper at the apex of the blade, caused by the buffing wheels (no matter how often I plunge the blade to keep it cool). That's why I asked Ralfy about the restore job on the razor. Another possibility is that the agressive procedure of breadknifing and quickly recutting a bevel with pressure and aggressive hones, causes stresses in the steel that may not be removed enough by the later honing stages of the first honing job.
I also pointed out that the Unicot method, if done right, reveals the aforementioned keenness limit for the Coticule in use. I have never surpassed (albeit matched) the keenness of the Unicot procedure with any other method that finishes on a Coticule. With other honing tools I have, but the shaves were harsh to my skin.