No, it won't be useless. It actually does have both 20 deg per side slots AND 15 deg per side slots (40 and 30 degrees inclusive), useful for sharpening/honing. What you won't be able to do - at least not at all easily as far as I am aware - is
reprofile your knife to 15 degrees per side. This is what I was referring to before when I mentioned the Gatco would be better if you wanted to reprofile a knife, and what chococrazy is referring to with his Lansky system (very similar to the Gatco).
If I remember correctly, you can buy coarser stones for the Sharpmaker than it comes with, but I've never used those. Theoretically they'd reprofile your knife okay, if you wanted to, but I have a hunch it would take awhile.
As far as actually deciding to reprofile a knife to 15 degrees per side, that's a matter of opinion. I personally don't care to take the time, and I'm not too crazy about weakening the edge by thinning it down. You can get into the microbevel stuff chococrazy is talking about, which gives you the best of both worlds, but that's beyond my ability. To be blunt, I'm too lazy to figure out how to do it, and the 20 degrees per side is plenty sharp for me. The sharpest factory knives I have are Spydercos at 20 degrees per side...hair shaving, mind blowingly sharp.
One other thing about the Sharpmaker is that you can actually set the stones into the underside of the base, effectively creating a benchstone with unlimited angle abilities. But you don't have an angle guide with that.
RATs...I THINK they are at 20 degrees per side, but I really don't know for sure. There is a RAT forum in the Manufacturers section that I'm sure you could get an answer straight from the owner.
Hopefully I haven't given you too much information

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