Modo has a cool Worn Edges material...looks great.
I tired to create something similar in Lightwave, but I couldn't get it to work. The last test render is using grit node, but the red surface is on the inside edges...instead of the outer edges. I'm sure it can be done with weight maps, but who wants to spend the time creating them...not me :)
So I came up with an idea that might do the trick. Take the Material Mixer to combine foreground and background materials, and add an extra input for edges and one for scale/size. The idea is, you connect an Angle node to Edge input and specify which edges should be affected. For example, if the Angle input value is 90.0°..then any edge that has an angle between 0.0° & 90.0°, will have the background material applied. The Scale input can be a percentage or a distance value, say 6mm either side of the edge etc.
And bingo...we have worn edges in Lightwave....I think...hehe.
Oh yes....I got another 3 cool metal textures as a result of this :)