I have more blades than I do guns (and that's sayin sumthin). There are many ways to put a good edge on a knife, all of them take time and some of them take skill. I can make just about any blade shaving sharp with an Arkansas stone, but it takes time and I'm not going to take all day to sharpen a whole block of knives with one.
Tormek sharpeners take neither time nor skill. The jigs and measuring tools that come with them allow you to turn any blade scapal sharp in a minute or two. The Japanese wet stone polishes to molecular sharp in seconds with no stropping, and there is no possibility of hurting the temper because the stones ride a water bath. You can do the same with a fine dress stone and the power strop, but it takes more passes. No wire edge because you are always polishing into the blade.
It won't do serrated (for that you need a Lansky) or convex grind (you can free hand it but it takes some skill), but any straight grind is good to go, any steel, any blade. Just about every hunting and fishing buddy I know comes over to my house to sharpen their knives on my T-7. I have a half dozen jigs, and a couple of different stones for it. I've tried them all, and nothing does better.
The Scary Sharp method with the emery paper will give you that molecular, razor edge, but it takes forever to do a single knife. The power sanders are ok, but they degrade the temper on knife steel, and while fine for a cheap knife there is no way I'd put a multi-hundred dollar, composite or super steel blade on one.
I'm super anal about having sharp knives, and for me the Tormek is a totally essential machine. If you have a couple of knives it's a waste of money, but if you cook a lot and clean a lot of game and/or have many knives that get used you simply can't beat it. I usually do all the knives in the kitchen once a month or so. Setting it up and adjusting it takes all the time. The actual sharpening goes very fast. Usually a few second per side and it'll split hairs.
Rockler used to sell them for shaping (with a rough dress) and sharpening turning tools, and I got to try mine in the store before I bought it, but the last time I was there I didn't see any... Now they make a T-8, and I'm not sure what the difference is.
I used to dread sharpening knives because of how long it took sometimes, but I like setting it up and running the T-7, and I love the results. Seriously, if you demand as sharp as the steel can go, invest. Thank me later.