Jason - I'm with Alton on this one, personally. After taking my knives every year to the local cutlery shop and watching a professional sharpen my knives, I don't think I'd want to trust a gadget that cost less than the knife to sharpen it. That's just my opinion, but I've got knives in my collection now that are getting close to 20 years old that are as sharp now as they ever were...and I've never had a knife get notched, mis-shapen or over-sharpened - unless I was the one messing with a sharpener (which I managed to do to a very nice Global chef's knife I got as a wedding present with a really cool sharpener that was, ironically, another wedding present some 12 years ago).
Plus, it's pretty cheap and gives me an excuse to go browse and buy new knives from the shop once a year. /infopop/emoticons/icon_smile.gif BUT, like I said, that's just my opinion, "your mileage may vary."