Thanks, awestib, for directing folks to my little video tutorial. Remember: Simple, not to be confused with easy.
I just had five out of six students get their knives shaving sharp tonight following the same basic steps in the video, except that we sped up the process a bit by using a 220 grit belt on my KMG to establsih the edge, which is accomplished in my videos using the coarse stone. It's a simple process and it works well, it just takes a bit of practice to get it down. The sixth student rolled his wrist too much, a common beginner mistake.
Really, the most important thing to take away from my tutorial is learning to feel the edge so you can tell what is going on and adjust accordingly. You can feel where you have a sharp spot and where you have a dull spot, even if you aren't able to see it. You can feel if you've rolled a wire edge, even though it's too small to see. You can feel if the secondary bevel is a flat plane or if it curves (which was the problem with the sixth student's edge).
Another tip is to see where your stone is actually touching the metal by seeing where it is marking and/or polishing the steel. If the stone is contacting the secondary bevel but is not reaching the edge itself, try raising the spine just a bit higher off of the stone and see what it does. I had a student tonight who had to adjust like that and pretty quickly saw good results. That's often the problem if you aren't seeing headway.
And another tip is to make absolutely sure your secondary bevel actually comes to an edge and doesn't have any flat spots. If you have a flat spot on your secondary but everything else is correct, you can sharpen all day on a fine stone and not solve your problem. If you hold the edge at the right position under a light, you can see the light reflecting off of any flat spots. If you need to, get a cheap loupe or magnifier to see better.
Freehand sharpening is all about getting a feel for the technique. Once you have it down, it takes very little time to put a shaving sharp edge on a knife. And it can be done on a $12 Arkansas stone from Academy and a scrap piece of leather with a dollop of metal polish on it.