I use an Accusharp. It may not be good for my Henckels, but I'll use it all day long on any Sani-safe knife I have, including serrated.
what say you?
At work, a motorized pull through machine, steel, and an Accusharp. at home ...
I've gone from stones>belt sander>back to stones.
I have mostly Euro quality knives and one VG-10 steel J knife. The VG-10 is a Petty which I don't use much so my kit is now Oil Stones for the Euro steel. I have no experience with water stones. My kit is as follows;
Norton India Course 8x3x1/2 $20~
Norton India Fine 8x3x1/2 $20~
Razor Edge Systems Ultra Fine 8x3x1 $40~
Followed by white stropping compound and/or swipes on a fine steel produces a decent working but arm hair shaveable edge.
I use the oil stones dry but clean/wash after each use.
The 8x3 India stones come in plastic cases that double as stone holders.
If I didn't already have the Razor Edge Ultra Fine I would probably have a 8x3x1/2 Halls Hard Arkansas. $47~
In general I follow Chad Ward's sequence of a 20/15 relief/cutting edge.
http://forums.egullet.org/topic/26036-knife-maintenance-and-sharpening
For a first Oil Stone the Norton IB-8 Combo is a decent starting point.
http://www.bladeforums.com/forums/showthread.php/881201-Norton-India-stone-review-w-pics