While I don't put a microbevel on knives when I sharpen them, I do put a convex edge on the knives. The effect is similar, though a convex edge will be a bit stronger than a microbevel (think gothic arch). Basically, a primary bevel leading directly to the edge will be a great cutter, but is likely to be a bit fragile. By convexing the edge slightly on your finest stone, you will have very close performance, but higher strength.
I would not recommend doing convexes or secondary edges on single bevel knives like yanagi which are used for the most fragile cuts. For most other knives, you will see an improvement with a slight convex.
-daniel