Steve: I sharpen my blades like I learned to sharpen an axe in my old Boy Scout Manual, only I use a 4" angle grinder like Wayne to do most of the material removal.
The traditional method of sharpening an axe are:
1. File at right angles to the edge to remove all nicks.
2. Shape edge with file at angle best suited to task, the steeper the angle (30 degrees), the longer the edge will hold; a more acute angle (15 degrees) may result in a sharper blade.
3. Hone with stones, progressing from rough to fine grit.
I modify these instructions for mower blades by first, working on only one side of the blade (after removing the nicks), and second, use the aforementioned angle grinder for most of the material removal, although I still finish with a file to get the final edge. I try to maintain the same angle I find on a new blade. If I'm in the mood, I might get a stone out to really give it an edge, but most of the time I don't bother. I try to always have a sharpened set ready to put on should the need arise.
I balance mine (before & after) on the little balancing cones you can purchase at most any store that carries lawn mower parts. I've seen Wayne's post about the nail, but I'm not exactly sure how it works, I guess you check to see if it will stay horizontal. I haven't had much trouble balancing the Cub Cadet blades, they are so thick that removing a few nicks doesn't affect their total mass very much.
Your approach of using new blades only is recommended for the ultra-premium blades still available from MTD for some Cub Cadet decks. The dealer tells me that the high-end blades have a special treatment that "lasts forever" as long as the only thing the blade encounters is grass, but it doesn't survive chips and nicks from stones and such, and the hardness is removed as soon as it is sharpened for the first time. The blades are expensive, so I typically avoid them.
The guys are right, sharpening blades is not that hard, especially if you keep after it. Many guys here follow the manual's instructions and get a file on them every 10 cuts or so. They really need to be sharpened at least once (if not twice or three times) during the mowing season. I plan to shoot for once-a-month next year.