I have been using the KME for a while now. I have most likely sharpened 80 + knives on it. I have reground so many blades my 100 grit is no longer 100 grit lol. Its a very nice sharpener but it has its weakness. As far as cost goes to get "next level sharpness" you will have to fork over some additional coin. Not as much as a WE but only a few hundred less than the WE if you happen to be mil or something else that earns a discount for. So for cost, it IS cheaper, but at the end of the day not as cheap as you may think.
The leather strops and KME emulsions are nice and go down to .1 micron, however, if I were to do it all over again. I would completely avoid them. They work well but not great, in my experience when someone is attempting to go down to a .1 micron level they want the results of an emucalent, beautifully finished 100% even, mirror finish blade and 98% of the time I have been UNABLE to achieve this. Its not very difficult to get the perfect finishes on the cheap steels, but when working with the harder alloys it is significantly harder to get all the scratch marks out, even after using a stone that is well broken in and realizing the scratches are there and consciously trying to get them out before moving to the next stage. I would forego the strops and just move forward with the more expensive chosera stones which more or less eliminate this... Once again getting up there in price much closer to the WE (not saying to go get a WE, just pointing out that price point at the end of the day is not that far off than what you may think).
Don't waste your time with any stones in the KME that aren't the same depth as each other. Constant realignment is not worth the hassle or time.
The KME jaws leave a lot to be desired, knives like to slip and move, and you have to be EXTREMELY CAUTIOUS when clamping the blade down to measure out the angle at the tip middle and heel of the blade in attempting to get the most consistent blade angle as possible. Any knife that has a flat spot on the blade can achieve a solid edge from the KME, however, any blade that has a full grind or smaller more acute blade shape will sometimes have a lot of difficulty with the clamp.
The smaller clamps are very nice for smaller knives but the aluminum is very soft and bent on me the first time I used it. I had to take them out of the clamp device and flatten them on a board in order to use again.
I needed to make a steel flat to put on the back of the KME so it would hold the angle cube, It would be nice to see them do this for us, I also upgraded the knob on the sharpener for a more ergonomic grip.
I know this is a somewhat harsh review but it is honest and objective of the KME,
I WOULD BUY IT AGAIN, but no the leather strops. It works great for everyone who uses it, but if you want the next level edge that looks as beautiful as your knife you may want to consider a different sharpening system than the KME, but if all you want are razor sharp edges and don't care about scratches in the blade or strops leaving some parts of the blade more polished than the others than this is definitely the system for you! This is a hell of a user sharpening system where others are more of a show/perfectionist type of sharpner.