misque pretty much sums this up. The Spydie video is great for curing insomnia but the Sharpmaker works, has done a beautiful job on my Microtech S-30-V steel, and Chris Reeve 3V, as well as more pedestrian Kershaw and Colt 'beaters'.
Without the somewhat expensive diamond rods, it's not the preferred system for fixing really screwed-up edges, but for working on good to slightly dull knives it is really excellent.
Everything everybody says about it is true. I just got mine a couple weeks ago and haven't used anything else since.