I absolutely cannot stand using dull or rusty hooks. I can't even stand watching someone else use a subpar hook. Why give the fish any advantage? Hook-sharpening devices are extremely handy to have, and I think that every angler should have one at their disposal, but you don't want to rely on that and that alone to keep your hooks sharp and rust-free. I have gotten into the habit of saving all of my spent soft-plastic baits to later use as protective devices for my hooks. I simply cut them into segments, and when I'm storing live-bait hooks, jigs or lures, I stick the segments on the hook and slide them up the shank. This simple tip will keep your hooks from rusting and also protect the hook point from dulling.
Corpus Christi, Texas