I learned to sharpen on a Lansky. I think it's a fine sharpening system. From the first time I used it, I got good results. Over the years, good turned into great and since I've been visiting this site, I've produced some edges that veer into exceptional. The Lansky kit does have some problems. First and foremost is the rod guides. Having to bend them until they're level with the hone is a pain in the butt. It takes more time than it should and after awhile the guides tend to get bends in weird places and if you keep them too long (guilty) they become way too malleable for their own good. Replacing them every couple years is a good idea since they're so cheap. GATCO has a system with the guide rod built into the hone. I like that idea but it makes me wonder how prone their guide rods are to bending and if you remove the (Lansky) process of making sure the rod is level with the hone, will you eventually get messed up angles? I don't know. The other good thing about GATCO is wider hones. The Lansky works really well for 3.5-4" knives and under but becomes really time consuming for larger blades.
I've never used a Sharpmaker. I've always used Lansky. I think that the Lansky system is extremely intuitive and great for beginners. The Sharpmaker may be too but it seems a little more prone to error in maintaining angles just because it's your hand that guides the blade rather than the blade being fixed and you guiding the hone. A strange side effect of using my Lansky is that I can sharpen a blade fairly well using benchstones now. My brother gave me a couple wetstones that he never bothered to learn how to use and I can maintain a consistent angle and bring a dull blade back to shaving sharp with no problem. I can't get it as sharp as when I use a guide system but I thought it was pretty cool anyway. I'd imagine that you'd be able to do that with any sharpening system after using it for so long but whatever.
Also, I have recurve blades and the Lansky handles them with no problem. The thinner hones actually are beneficial when it comes to recurves and big belly blades. Not too many people here praise Lansky but I'm one of them. My advice would be to get the diamond extra coarse stone for reprofiling (if you stick around awhile here, you WILL be lowering the angle signifigantly on alot of your blades and the diamond hone will save you hours and I do mean hours) and also pick up the Sapphire 2000 grit hone. You won't need it in the beginning but if you want to brag about cleanly cutting quilted toilet paper, it definitely helps. If you want any pointers or have any questions if you do pick up a Lansky, don't hesitate to send me an e-mail, I'd be more than happy to share everything I've picked up after more than a decade of using it.