There is a setup thats dangerous as heck, I still use it, uses a grinder and cardboard paper wheels for abrasives and polish rouge.
File em right, touch em up on the grinder for me. If a ceramic stick won't touch em up good enough.
Used to also be blocks shaped for certain heads... I forget where mine are and what brand.
They don't need to be razor sharp, but whatever you do don't get to fine of an angle that would strip off as you pass through ribs etc... But I try to have all mine razor sharp.
If you go the grinder route, make the wheels spin away from you, sharpen on the top as you can catch an edge and you will die likely if the head is flipped into your gut under power... I"ve had a couple flip towards the wall, thats much better. I don't loose them though as I sharpen them touch up on short 12 inch or so arrow shaft as a handle.
The lansky type setups work fine too, just really time consuming.
