Lapping paper

I've been doing some research in regards to honing. One of the least expensive and seemingly quite effective methods that I have come across is the use of lapping paper. I've read a few dozen posts talking about the use of lapping paper to hone straight razors and about a half dozen YouTube videos on the same subject. So far the consensus seems to be that lapping paper works well and is extremely cheap (in the short run), but that stones are preferred in the long run. Based on this information I decided to purchase some 8 x 11.5 sheets of 3M lapping paper. I figured that with 8 x 11.5 sheets I could cut the paper into six 4 x 3 strips and two 4 x 2.5 strips and make them last a pretty good amount of time. I found a sight that had the individual papers for under $2 each, but only had the 12 micron, 5 micron, and 3 micron papers. The three papers plus shipping cost just under $10 total, so I went ahead and bought them. I should receive them in the mail early next week and am now on the look out for a 4 x 5 piece of tile or acrylic or something to use as a lapping paper mount.

My questions are these: What are the thoughts in regards to lapping paper in general? Does anybody feel that lapping paper is a better choice than traditional stones? Does anybody think lapping paper is a poor choice vs. traditional stones? Some of the videos show a guy holding the lapping paper mount in his hand and stating that they shouldn't be used on a stable flat surface, such as a table, what are the thoughts on this? Would I be able to do a full honing using only the 12, 5, and 3 micron paper (I also have a pasted balsa strop with iron oxide and chromium oxide and a barber's hone) or should I find a 1 micron paper as well?

Thanks in advance for the thoughts and advice folks.

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