UPdate: I've been playing around with the Ken Onion Worksharp sharpener now for a few weeks, and I have to say that I'm more impressed the longer I use it. Obviously it has its limitations, but then, so does every tool. I'm sure I can get a sharper edge if I hand sharpen down to .25mics, but I don't really need to do that very often... if 'need' at all. But for utilitarian sharpening... kitchen knives, EDC knives, hunting and bushcraft knives... this thing is slick! Very fast, very clean, very effective. I have started to dunk the blade in cold water between each pass which slows things up a bit, but not much, and I figure it's worth it for the edge retention.
I live in an apartment and don't have a shop. All my sharpening gets done by taking the supplies out of the closet, setting them up on the kitchen counter, using them, cleaning up, and putting them away. I spend more time with the setting up and putting away than I need to do with the actual sharpening, even when I do a few knives. I'll still sharpen the occasional blade by hand, just because I sometimes enjoy the repetitive, relaxing motion of the task, but if I 'have to sharpen' several knives, it will be done on the KO Worksharp.