There is tremendously rich content on this topic that can be found using the Search engine.
Try combinations of these words in search:
Lansky
Sharpmaker
204
203
DMT
Gatco
EdgePro
slack belt
bench grinder
wheel
felt
rouge
IMHO, the ideal sharpening method varies quite a bit depending on what kind/size of knife and on what your goal for the edge is. (<--Yes, I too can end a sentence with a preposition right along with the best of them.)
I've read a number of threads on this subject over the past couple years. I have found that, in general, those who have tried only one or two methods will advocate the system that they are the most familiar with utilizing and do so strongly. Those that have tried a bunch of methods will see more shades of gray ... they will see pros & cons with every method in advocating their favorites.
"In seeking your advisor, you have chosen your advice." -- Jean Paul Satre
I use all of these for various tasks:
Lansky (for folders, incl recurves. Gatco & DMT have pros/cons vs. Lansky)
Sharpmaker (for serrations, quick touchups, recurves, scissors)
Bench Grinder (anything 5" or longer, incl 22" machetes)
Soft backing w/ sandpaper (convex edges)
Chef's Choice 120 (kitchen knives, fast, shaving sharp but not terribly refined, good enough for the kitchen IMO. Veggies & meat aren't that challenging for an edge.)
Knife Steel (in the kitchen, to straighten edges after chopping on board)
Leather strops (removing burrs, polishing edges for shaving/push cutting optimization, final passes after Lansky or Sharpmaker, etc)
I can't use a flat bench stone nearly as effectively as any of the above, mostly because I haven't tried again since my early frustrating attempts to learn sharpening. Once you go bench grinder (or belt sander), no looking back to flat stones, for me anyway at this stage. (small hand held stones are useful for field sharpening). Of course, those who've mastered flat bench stones prefer those, and will disagree. In fact, someday, if I decide to work with bench stones, I may change my tune also. But a motorized contraption is such an time & effort saver and can, in the hands of the pro's, yield amazing results (Chris Reeve, Scott Cook, RJ Martin, Hossum, Lightfoot, Mayo, plenty of others)
Someday I'll do most all of my sharpening on the bench grinder and/or slack belt sander like most makers do, as you can get things done quickly and with varying amounts of toothiness or polish, and you can roll a convex final bevel onto an edge, which seems to be the ultimate IMHO. I keep practicing on holding the angles and on putting convex final bevel on the edge. I'm starting to have enough confidence to do the expensive folders on the bench grinder (with hard fiberboard wheels, NOT with ordinary bench grinder abrasive stones! A hard wool felt wheel is in my future).
I'll take the other side:
diamond stones are great, especially on anything at the ATS-34/154CM level of steel or higher on alloy/carbide chart (BG-42, CPM-anything, M2, D2). You
must have a variety from X-coarse to coarse to medium to fine.
You can indeed remove a lot of metal fast with the x-coarse diamond especially, and with coarse also... that is indeed the idea. Coarse is a big time/labor/effort saver, but requires some know-how. Just like 60 grit sandpaper removes wood fast and can product deep scratches, so too w/ coarse diamond. But they can save time and effort if you know what you are doing. If you are learning, do so w/ medium stones until you know what you are doing, work on the cheaper knives and progress up the $$ scale.
Beginners: probably best served to read Juranitch's book
http://www.razoredgesystems.com/ to learn about the all-important burr, and then use a jig (Lansky, Gatco, DMT) or the Sharpmaker.