It's the fastest by a good margin of the ones listed but it wears the fastest of the 3. Compared to most coarse Japanese waterstones the Shapton is one of the slowest wearing so it stays flat longer allowing for flatter bevels with crisper lines.
Cost effective? IMO, yes.
It will need replacement eventually but it will take a lot of use to get to that point. I have a set of Shapton pro's including a 320 (don't have a 220, yet!) and I'm about half way through the stone with about 200-300 uses, sharpening everything from chisels and yanagi's to my personal knives. If you use a coarse stone often I would expect this stone to last 3-5 years, in my use I go through coarse stones every 6-12 months. The cutting speed and ability to work with most any steel makes it a superior coarse grinding stone along with positive feedback and overall enjoyment of use most of the shaptons provide a excellent sharpening experience.