on my basic 6" bench grinder i use the two stock wheels (course and med) for shaping metal. i only use the grinder for taking off alot of metal, like making a worn out file into an awl, for instance.
i also have a scotchbrite wheel, gray (indicator of grit?) that i use for putting mirror finishes on steel, or for very fine grinding on softer metals like aluminum and brass. this wheel will do a nice job of convexing a straight V edge, and will make a pretty big burr.
i also have a soft buffing wheel loaded with red rouge that i use for polishing various metals, but it sees the most use with sterling silver.
i don't use the grinder for touching up my knives, its too hard to maintain a good angle, and the wheels are too course. i just use my stones. i imagine i might use my 1x30" belt sander for sharpening if i ever get the part i need.