Greetings,
I used an Arkansas whetstone for years. I did not use it on highly alloyed blades, because at the time I didnt have any. Probably the most complicated alloy I used it on was 12C27. On softer alloys, they work fine, but be prepared to sharpen frequently. It was my experience that they would not rebevel an edge. They would also take a LONG time if the edge was really dull. I had a soft Arkansas stone and dropped it. It broke and I got a new one. The new one never seemed to cut like it should. Both were from Smiths, a well known company. Based on my experience, oil is required. The stone's surface clogs quickly if it is not used. This may have been the source of my frustration on the second stone. I used oil when I first got it, but later stopped. It could also be that I got harder and more highly alloyed blades. To make a blanket statement, I would like to paraphrase Wayne Goddard. Arkansas stones can give a good edge, but the cutting action is very slow (compared to Crystalon). I have better things to do with my time.
One thing I found neccessary from time to time was flattening the surface. They dish out in the middle surprisingly fast. I used wet 220 grit sandpaper. One advantage is that Arkansas stones are easy to modify. I curved the corners of mine to sharpen a Benchmade recuved blade. The steel was ATS 34 and the Arkansas stone wouldnt cut it in reasonable amount of time. This was when I stopped using them.
I have never tried the black or translucent super fine grades of these stones. Have fun trying, but I hope you have this weekend free.