eaglerapids, I've read the Bigelow stuff a dozen times and I just doesn't come together, but I did find something that made some sense. It doesn't use channels, but it does use edge masking and it works,simply and easily. Here's a condensed version, and I hope I included everything from
this:
Copy Layer > Layer Mask > Reveal All
Select Layer Mask > Image > Apply Image > Filter > Stylize > Find Edges > Image > Adjustments > Invert > Unlink Mask from Image
Select Layer Thumbnail > Filter > Sharpen > Smart Sharpen > Adjust Opacity > Flatten layers