charlese wroteNOW TO ROUTER BITS - Also - Just because a bit is new we should not anticipate that it is sharp! If we take care to carefully lap a 'cheap' router bit, it will perform as well as a high quality bit - at least for a while, until the poorer grade steel or carbide dulls.
I generally agree regarding sharpening, but for those of us who have limited shop time, it is a balancing act. Every minute spent sharpening is a minute of woodworking missed. I have restored several old planes and love them once they are done, but am getting to the point where I stop and remind myself I enjoy woodworking, not metalworking.
As far as router bits, I would never for a moment consider using a steel bit now that carbide bits are cheap and plentiful. Life is too short for that! Likewise with lapping router bits. Carbide is simply too hard to gain noticeable improvement in what I would consider a reasonable amount of time.
Now, with all that said - If I were retired and had more shop time available, then I might approach it differently. Sharpening can be a rewarding task of its own, but for now I try to maximize my time applying the tool to wood. For that reason, I replace my cheaper bits and pay to have my high-end bits sharpened.