That's right, and the discussion is interesting. Todd's images IIRC show the silica pieces essentially unchanged, but most JNat fanatics can feel the slurry change at some point, usually called 'breaking', and believe the edge is better after worked on 'broken' slurry a bit.
Maybe a reasonable explantion is that we are dealing with clumps of silica and binder even when raised with a matched tomo nagura, and the binder is breaking making smaller clumps? That might explain how the slurry gets smoother and finer but the silica particles remain relatively unchanged.
Cheers, Steve
Thinking out-loud here.
I wonder if that the feeling of breaking is just a result of steel in a specific state being changed by the abrasive from the stone? When you start honing there is a stronger abrasive feel as the properties and finish of the steel are being affected the most. As the abrasive works imagine half of the starting finish is changed. The honing sensation feels differently. Now imagine the work is finished; you won't see any more refinement from further honing so you no longer have a feel of slurry 'breaking'.
Not really sure how to describe that or if that makes sense?