When a function object is given to describe function documentation is not shown (it's shown on the symbol). Because of this, the slime function documentation doesn't show it either.  
Index: src/org/armedbear/lisp/describe.lisp
===================================================================
--- src/org/armedbear/lisp/describe.lisp	(revision 14850)
+++ src/org/armedbear/lisp/describe.lisp	(working copy)
@@ -89,7 +89,13 @@
              (setf plist (cddr plist))))))
       (FUNCTION
        (%describe-object object stream)
-       (describe-arglist object stream))
+       (describe-arglist object stream)
+       (let ((function-symbol (nth-value 2 (function-lambda-expression object))))
+	 (when function-symbol
+	   (let ((doc (documentation function-symbol 'function)))
+	     (when doc
+	       (format stream "Function documentation:~%  ~A~%" doc)))
+	   )))
       (INTEGER
        (%describe-object object stream)
        (format stream "~D.~%~