There's also surface area to consider. Most of the pull-through V-sharpeners use very small abrasive inserts (carbide, ceramic, sometimes diamond), which can work very fast initially, then load up and/or clog with swarf. The old-school carbide hard-edged inserts don't necessarily load up as much, but they have other issues as previously mentioned. With the small diamond or ceramic inserts though, one needs to be more diligent about keeping those surfaces clean, else the sharpener will slow down dramatically. This is where a larger surface area, especially in diamond, can work faster for longer, between cleanings; more so if some form of lubrication is used on the hone (water, oil, etc) to keep the swarf from sticking. Even a small pocket hone in diamond is huge in surface area, compared to a V-type pull-through using the same abrasive type. On a per-pass basis, the diamond hone will be a lot quicker and leave a cleaner scratch pattern as well; additionally, the grind lines from a regular hone can be oriented in the proper direction (perpendicular to the cutting edge, depending on user's style & habits), which is something a pull-through won't do.
I think a well-designed pull-through has it's place, especially if it's less-prone to damaging edges than the usual carbide variety. Fred's model looks promising in that regard.
David