How sharp is sharp?

Been wondering about this for awhile, so I thought I'd toss it out here.
When I want an extra wide gap hook, I've been using the Rapala/VMC #7316.
They're reasonably priced ($1.99 for 6 or 8, depending on size, at Galyan's)
and they pass the thumbnail test. I can't quantify my catch-to-strike ratio,
but it seems pretty reasonable.

Now, a Gamakatsu EWG will also pass the thumbnail test, but it is clearly
sharper than the VMC, and I assume some other brands will also be sharper.
So I'm wondering if my catch ratio would improve (even though it's already
good) by using a sharper hook, disregarding for purposes of this discussion
that I can make the VMCs sharper with a few stroke of a file.

Or, to put my question in this form: once you reach a certain degree of
sharpness, does the principle of diminishing returns come into play? Or
would an increase in catch ratio result with each increase in degree of
sharpness?