Hi, Paul,
I sell UHMW and have cut it for more than 10 years.
First of all, you should be using a carbide blade for it.
Secondly, it does NOT dull a blade to any noticeable effect - I do about 250,000 cuts a year and I replace my blade every 1-2 years just on general principle - it still feels fairly sharp when I do it.
Eric
May be you forgot to mention, maybe you were not aware, a decent carbide blade can be reshrpened. Your statement about the blade still feeling fairly sharp when you replace it makes me think that you don't have blades resharpened.