Don't have one, but here's my take on it.
The biggest (potential) downside I'd see to using a steel-type diamond rod for heavy grinding or reprofiling is, there's limited working surface on these. They would probably work, but I'd bet they'd also wear out quicker, because the working surface and contact area are very narrow. This subjects the knife edge and the diamond to greater contact pressure, which can more easily strip the diamond from the substrate on the rod. Small area of abrasive doing a heavy amount of work, especially if working on more wear-resistant steels (S30V, for example).
For quick touch-ups on knives, these would be fine, and would work very fast. They're designed to put some quick 'teeth' back into an edge, in a minimum of passes. DMT makes great sharpeners, but I think a larger, flat bench hone would always be best for heavy grinding jobs like reprofiling.
David