Rhino, These machines are very quick for making things flat like the back sides of scales, the flats on a flat grind blade, profiling the blamks (the outside radious) finishing up the tapered tang, putting the dovetail on bolsters, etc. etc. Its nice to have the variable speeds for final grinding for better fit and finish. Im not sure I need reverse, maybe I do and dont know it yet. Its easy and cheaper to buy regular size sandpaper and spray glue it on rather than buy a bigger disk diameter and have to buy special high priced paper with the sticky back.
There are lots of people that grind the bevels on smaller knives instead of using the belt grinder or they rough them out and finish on the disk.
One thing Ive never seen mentioned on the forums is the use of a Shop Smith (5in1 machine. They have the table saw,lathe,drill press,horizontal boring,bandsaw,strip sander,jointer,planer,etc. depending on how many attachments you want to buy. They arent cheap but dont take up much space. I have used mine for 15 years. There may be a good buy for one on Ebay at times. Am I rambling again?