I use fine metal file, then 180 grit and 100 grit wet/dry sand paper. Once it's nice and smooth, I polish it with a dremel and jewelers rouge (red). This gives it a polished finish (incorrect). I then reapply the brushed finish using either a britescott pad (red or green) or an equivelent dremel attachment (bought 10 on ebay for $6). The trick is to to go slow and take your time.
This is what I've done on a couple of the newer Rolex bracelets (sub-c, exp II 42mm). They are all really sharp, but at least the bracelet links themselves aren't too bad (anyone who's had a Noob 16610 knows what I mean).
Use a needle file to round all the edges to the basic shape you're comfortable with. You're not trying to re-shape them, just round them...almost like you'd de-burr a knife or something.
Usually you're left with a slightly ugly edge from the filing, so get out your 1000 or 1200 sandpaper and smooth the edges. That is usually enough.
Again, as was stated before, if you're super anal, you can polish the sides to clean up any errant scratches you've put in the clasp side...as well as polish the ends that you've just filed too - for added smoothness (although the sandpaper should be enough). If you do this, just make sure you take a Scotch-Brite pad and re-do the brushing on the top and ends of the bracelet.
If you have a spring-bar tool, try and disassemble the bracelet as much as possible, to get the best angle on the sections you file without worrying about hitting unintended parts of the clasp. You can take both the glidelock as well as the locking "section" both out of the mail clasp housing, and it really helps get both sides of the main body. Then just get the part of the fliplock buckle that is on the outer edge when snapped closed.
Cliffs: Disassemble, file, sand, polish, brush, reassemble. Voila!
