Steve,
When I must sand beteween coats on a floor, I use 120 grit screen 1/2 sheet sander that's sold for sheetrock sanding and stick it on a broom handle so I can stand while sanding.
Will, sanding raw wood to 400 grit will burnish the wood and can cause finishing problems. I concur on the glass smooth wood after a razor sharp hand plane could cause finishing glitches; 220 is OK and doesn't hurt as much...
Scott
Finishing is an 'Art & a Science'. Actually, it is a process. You must understand the properties and tendencies of the finish you are using. You must know the proper steps and techniques, then you must execute them properly.