It seems to be, in the knife world, stropping with compound. There are many alternatives for sharpening, but stropping seems to be the current accepted wisdom between sharpening sessions. I don't use a steel anymore, and I rarely sharpen now. I might sharpen a kitchen knife twice a year (as needed) when stropping doesn't bring it up to speed any more. I used to do the shaving test for stropping, now I just feel along the edge with my thumb nail (does the edge grab my nail?). Sometimes I just need to strop or sharpen a section of the edge too. The good news is even a high use knife, like my kitchen knife, is going to last forever.
I imagine any food industries will continue using steels (in processing areas) for hygiene reasons.