Just my 2 cents (And I am a newby on the bladeforums):Jeff Clark's link to the chart is some really nice information and I would just like to amend to that. The cutting speed is actually a quite complex function of the particle shape of the abrasive and more dependent of shape than of size (given by grid#). There are are two recent scientific publications on that topic and I am more than happy to post the literature information if there is any interest. The quick summary is, that particles with a small angluar structure (high polygonality) cut the quickest. Waterstones with their flaky structure are among the fastest cutting stones available, especially when it comes to the fine grid #s. That is also evident from the graph since a fine diamond is about #1200 and cuts (according to the graph) as quick as a #4000 waterstone.
Having said that, the material of the abrasive is virtually irrelevant to cutting speed and this is were the graph is misleading. It is the fact that certain material tend to agglomerate preferencially in certain shapes, that affects the cutting speed (especially among natural stones). This is also evident from the fact that most ceramic stones are made from pure alumina (aluminum oxide). The difference between ceramic and aluminum oxide is obviously not the material (which is the same) but the fact that in an aluminum oxide abrasive the individual particles cut while in an ceramic rod/stone the pore structure in the sintered material does the cutting. Again shape and size is the important parameter here.
Aside from the theory: I love the Spyderco sharpmaker and find it quite fool proof. If you can afford the $40 bucks it is well worth it. But I also use Japanese waterstones as I agree with Torz that it is a very rewarding experience to create a razor edge free hand. In principle neither the waterstones nor the sharpmaker rods would require stropping and in fact, if you want a factory like edge (toothy) it is even counter productive. Personally I strop my edges on a wood mounted leather strip but only about 6 strokes each side (either with Veritas green or plain leather), because it creates that really scary finish, and because a highly polished edge must have necessarily a higher edge retention than a toothy edge (the edge supports itself along the blade, while the individual "teeth" do not and fold over more easily) except of course when we talk about quite "rough toothy".
Mmmh, I guess length wise this was more like 10 cents than 2, sorry about that. I am kind of crazy about shapening....can you tell??? ;-)