I've avoided mechanical power systems, because I'm afraid of the following:
1) Removing too much material.
2) Screwing up the heat treat.
That said, I've seen quite a few people on here rave about paper wheels, work-sharp and belt sanders. There really isn't a right or wrong way to do it, it's just personal preference.
If I had to choose a mechanical system, i'd choose a paper wheel because of the ability to rapidly raise a burr, and to get stupid sharp edges almost effortlessly (With practice).
Belt sanders are great for knives you that have been trashed or for friends that abuse the crap out of their knives and want you to keep them sharp. A couple swipes on a 400 grit belt and you're good to go. I've never been super happy with an edge off a belt sander. I find they are generally too coarse. I've use belt sanders to reprofile an edge, and then I'd use water stones to polish and finish it. I sharpen all of my knives with water stones and a strop. I like the traditional way, but that is just personal preference.