I've been able to bring back the edge on bread knifes where the teeth are beveled on one side and flat on the other. I run the flat side of the blade along the steel a few times and it works pretty good. Sharpening is another story. I know professionals will sharpen a bread knife, but honestly, I think it's more trouble then it's worth.

I like to buy cheap bread knives at the local restaurant supply store for about $20 each. They come razor sharp and when they dull, I can bring back the edge a few times with a steel. We'll usually get about 9 months of daily use out of these guys until we finally throw them away and buy new ones. Most people won't use their bread knife as much as we do so for the average person the life span is considerably longer.

GreenBake,

I have had great success sharping all of my knives to a razor finish, including serrated knives using the Spyderco Tri-Angle Sharpmaker.  It uses a set of ceramic stones that set in a base and places them in a V angle that measures 40 degrees.  All you have to do is keep the knife straight up and down as you sharpen it.  Takes all the guess work out of it and makes sharpening my knives a breeze.  I have even used it to sharpen my hatchet and kitchen shears, though not to a razor edge.  Obviously the better the steel, the better the edge, and I have not tried it on any Japanese knives or Ceramic knives.

P.S. I am not trying to endorse this product in any way, just sharing what I use.  :)

I think a diamond steel should work. I've always used a fine honing steel on my bread knives because that's what I've had around at the time, but any steel should do the trick for the short term. Maybe someone who has used a diamond steel for this specific purpose will weigh in.

Remember though, this is coming from the guy who buys three cheap serrated knives at a time, beats them to hell and then buys more (bread knives, not hell). ;-)

A diamond steel can be used to help sharpen a serrated knife. Get into each individual serration using the thin edge of the steel. Work the beveled edge of the serrations back and forth at a 22 degree angle on the steel.  Once you have finished the side of the knife with the serrations, simply run the steel on the flat on the other side. 
A Dremel tool equipped with the properly sized grinding stone can also be used. Again just a flat polish on the back side.
Jacob's method is probably best. Buy cheap and beat 'em until necessary to buy new again.