I think the first key to having a nice pond edge is hiding the liner. For me nothing detracts from the looks of a nice natural looking pond more than having some rubber liner exposed all around the shore line. Of course some people aren't really trying to duplicate a natural looking pond. Many koi keepers want a more formal looking pond, something that looks more like a swimming pool for koi, than a natural pond, and much like a swimming pool, a little bit of liner showing all around the edge is just fine.
But I think a rock necklaced pond can look natural if it's done right. The way I see it, Waterbug's pond edging design and Dperry's faux rock edging idea are both rock necklaced, since they are both still using "fake rock" to hide the liner around the edge. Thing is any liner pond has to have the liner come above the water line all around the edge, you have to hide that somehow if you want the pond edge to look "natural", usually it is hidden with rock, real or fake, then sometimes plants are grown to hide the rock.
I've feel there are 3 keys to having a natural rock necklaced pond edge,
One is to have the rock shoreline disappear into the water.
Two is to not have a defined edge, it should be irregular so you can't tell exactly where the water and the land meet.
Three, have lots of plants growing along the shore and in the water to fill in and further blend shore and the water together.
I try to plant creeper plants in the soil next to the edge of the pond, so these creeper plants will grow over the rocks and into the water, and as Waterbug pointed out they generally stop there, but some plants like creeping jenny will grow into the water to a certain degree, and that's fine, it helps blend the shore so it is not so defined.
This picture that Howard the Humble posted is a typical un-natural looking rock necklaced pond with a very defined edge, and a ring of liner showing all around. It lacks any of the three key points I mentioned.
Here is a picture of my "rock necklaced" pond which I have striven to adhere to those 3 keys points.
It might be considered an unfair comparison since the first pond picture was obviously not taken in the prime growing season, but even without the plants in my pond the first 2 keys I mentioned are still apparent. (no visible liner, no defined edge)