Ken Onion WorkSharp, does a great job, also you can remove the blade guide, tilt the belt down so you can sharpen axes and machetes pretty easily with that too, I sharpened a fellow's axe from work and was happy with the results.
I also bought the BladeGrinder adapter and use that mainly for sharpening, mostly kitchen knives or larger knives, I still hand hone smaller bladed knives.
Key with any belt sander is to lift the knife off the belt before the tip comes off the edge, otherwise you risk rounding the tip.
As to a stone wheel, I imagine you could get an edge on there, but then, I have a very vivid imagination and I do not always trust it
I have used one to get some semblance of an edge back on lawnmower blades of a friend, they were SO blunted it was not funny, so the stone wheel was the way to go, if I had a 'real' belt sander I would have worked them on that as it is just too much metal to remove otherwise.
G2