From the article linked above:
Knife-Edging
Does knife-edging a crank's counterweights really reduce windage and increase power? Not everyone thinks so. "Knife-edging was developed more for ease of balancing than power, and won't do much on a street motor," explains Callies' Dwayne Boes. "Like a snow plow, oil hits a knife edge and gets thrown all over the place when it should ideally land on the nose and flow off to the side. A bull-nose rounded leading edge is the most efficient, like the bow of a ship."
Not worded very well, but the obvious is being said. If the leading edge looks like this you're in trouble:
It should look like this:
And Miko by the description above they say "knife-edging was developed more for ease of balancing" which contradicts what you've explained above. It's pretty obvious that the term isn't as well defined as I'd like and people use it interchangeably to describe both shaping techniques. Which is super annoying.