I happen to own and use one of each. I think they are both terrific sharpeners, but use them for slightly different purposes. In short, I like the Sharpmaker for quick touch-ups of my straight blades with edge bevels close to the 30 or 40 degree mark (the two angles that the Sharpmaker is designed to accomodate), and for any of my recurved blades. Setting up the Sharpmaker takes no time at all, and it provides fast results on these touch-up jobs. I especially like to use it to put a couple of quick swipes on the edges of my Talonite blades.
However, when it comes time to do a full blown resharpening, or better yet, a reprofiling of a pre-existing edge bevel, I go straight for the Edge Pro Apex. IMHO, with the exception of sharpening recurved edges, anything the Sharpmaker can do, the Apex can do better. Granted it does take a bit longer to set everything up, but the quality of construction is first rate. The Apex accomodates a wide range of bevel angles from acute to obtuse, and has infinite adjustability inbetween. There is likewise a wide range of stones available from very coarse grits right down to a 3000 grit polishing tape. The mirror finished blades that result are phenomenal. The table that supports the blade as you sharpen also helps to promote extremely even grinds along the entire length of the blade. And as I hinted at above, the advantage of the Apex over the Sharpmaker is most pronounced when it is time to reprofile a blade, and I'm a Benchmade fan, so I've had some practice.
Because of the availability of the coarser grit stones the whole process happens much more quickly with the Apex. In all fairness, there's no reason why you couldn't reprofile with the Sharpmaker, but you'd better pack a lunch.
I really do think that each of these sharpeners is great and each has it's own place in the knifenut's arsenal, but if you can only justify purchasing one, let me just say that I can't even imagine trying to reprofile a CPM-3V or S90V blade with a Sharpmaker.
On the other hand, if you have a lot of recurved blades, then the Sharpmaker may be perfect for you.
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Semper Fi
-Bill
[This message has been edited by Bronco (edited 10-27-2000).]