Yeah, I think that's a good explanation. According to Stu's site, the Naniwa SSs are ceramic, as are the Shaptons. Ceramic (typically Zirconium Oxide) is far harder than the typical SiO abrasive and clay-type binders that would be present in a natural waterstone or a man-made copy such as a King or a Norton. My guess (though I haven't looked it up) is that the Si-C abrasive in wet-dry paper is not as hard as the abrasive in a man-made ceramic stone, so you'd essentially be flattening the paper instead of the stone.