Every time I've tried it I've been unsuccessful.
The paper starts to bunch up and sometimes fall apart. I don't get an even surface for stropping, and it's just so inconvenient and annoying. Can't comment too much on actual results; I've never actually followed through with trying it. Am I using the wrong kind of newspaper? I've tried Vietnamese papers, grocery store stuff, and even mall catalogs.
I've been just finishing on a 3k stone, sometimes a quick strop on plain leather and that gives a really good bite. Maybe it's because I'm just looking to get a decent edge and not an extremely insane one that I don't see the merits of newspaper - at what point does newspaper actually give good results?