Tools like edge sharpeners and blurring don’t tend to be applied in Fourier space. Here the actual convolution is directly applied to the image. In their simplest form these apply a kernel - a matrix that describes the contribution of each pixel in the region around the target pixel - to the new value of the pixel. Different kernels can blur, sharpen or do other interesting effects.
What the focus fixing deconvolutions do is much more sophisticated. They start with the a-priori knowledge that the blur to be sharpened is due to an out of focus lens (for instance). This is important, as the nature of the blur is very different depending upon the reason. It may all look like ordinary blur to you, but it isn’t. The original information can still be largely there, and recoverable.
Depending upon the exact design of the lens, the out of focus blur is different. The lens applies a convolution to the image. In image terms, the value of every pixel is spread into every other pixel by a function that depends upon the distance the object for that pixel is from the lens, the lens design (focal length, aberration characteristics, f-number in use, vignetting parameters, and so on) and even on the design of the sensor. But if it is possible to capture all that information you can exactly understand how the blur was created. If you can do that you can mathematically create an inverse function - the deconvolution. (One critical number is not easily recoverable - we don’t always know the various distances from the lens the various objects being photographed were, so these need to be estimated)
It isn’t perfect for a host of reasons. septimus gave a good overview of some issues. Noise is the big problem. Noise can be due to thermal/quantum noise in the sensors, un-modelled issues in the camera (like light scattering), and critically - quantisation noise due to the limited bit depth of the image. Quantisation of the pixel values means that you really have lost information, and information that can’t be estimated or otherwise recovered, and thus the deconvolution will be less than perfect. Worse, the deconvolutions are not all that numerically stable, and noise can (and will) induce significant artefacts in the final result. So much so that you need to limit the bandwidth to keep things under control. The shaper the final result you want, the worse these artefacts tend to become, with ringing around objects, and other objectionable issues.
The really neat de-blur systems try to estimate the lens parameters, and to estimate the focus parameters in use when the photo was taken. Similarly they will try to estimate motion blur parameters - all of the above applies to motion blur in much the same manner.
The bottom line is that the specialised systems that perform out of focus recovery are actually restoring real information that has been spread around the image, but are ilmited due to real world constraints. Simple sharpen tools in photo-editors just apply a naive edge sharpen, and do not recover any information. They are more an artistic mechanism that a recovery one.