Grizzly makes a couple of machines similar to the Tormek, and the small one is pretty reasonable.
Small belt grinders are very popular for a few good reasons. First, it's easy to switch grits, so you can use a very coarse grit to fix broken tips or badly damaged blades in nothing flat, and with very little worry of overheating the blade. It's then up to you to choose what grit will be best for any given application. Belts are cheap and come in all grits. For final honing, a leather belt charged with chromium oxide will polish an edge to a mirror finish in no time.
The best thing about belt grinders is the type of edge they produce. Convex edges are the most durable edges, and that means less sharpening, which makes you and your knife happy.