Yes.
You can reprofile some steels with a SM and the diamond rods (I have done it), but it's still a pain. After getting an EP, I immediately wished I purchased it sooner. With what you have, you really aren't set up for easy reprofiling and easy repair of damage. With an EP, repairing significant damage, reprofiling, thinning, grinding a relief angle, etc. is easy as can be. Additionally, I think you can get a knife sharper on the EP than you can with most other systems because you are making the process of sharpening extremely scientific (least I can)...and upon getting good at the EP, I began to view almost every factory edge as rather dull and inconsistent. The first thing I do with a new knife is sharpen it now so that it performs to its best. It makes using steels like M390, ZDP-189, S90V, etc. more practical IMO. Without the EP, I would not be EDCing a blade made of M390. Also, the sharpening support Ben provides is spectacular.
Now the downside is of course price. Also, the stones from Ben are good stones but they like to be very wet and they do tend to wear somewhat fast. The lower grits also tend to muck up pretty quickly. Many users replace the stones with something like the Chosera E.P. stones. Additionally, the Choseras eliminate the need for polishing tape, which works well but is kind of a pain, and its 10,000 grit finishing stone is supposedly a spectacular polishing stone to bring a finish that is hard to beat. With that said, the Chosera stones cost a fortune compared to the standard EP stones.
If you do buy it and you are not going to do the Choseras, IMO you should just buy the full kit with grits ranging from 120-1000 on the stones, plus the polishing tapes. You can get by without all of the stones, but my own usage finds this is more expensive in the long run because of accelerated wear on the stones. Especially with steels that have high wear resistance, they can wear the stones quickly over time. I reprofiled a few knives with the 400 stones and they really wore the 400 with the additional time it took over a 220 or 120. I rarely use the 120 or 220 unless the knife is pretty badly damaged, but when their usage is warranted, I find they save time and wear.