The Sharpmaker maintains a good edge. It won't make a dull edge sharp, it simply doesn't remove metal fast enough.
I believe a 6"x2" set of DMT Two-Sided Duosharp benchstones run around $60-$70, though it might not be long enough for longer blades(say, 6 inches).
I would also consider the Work Sharp along with the P400 and 1800 belts, which should run just around $80 after shipping. It will sharpen just about any knife and can handle machetes and swords as well. I believe it took me about 10 minutes to grind out some micro-chipping out of my Kershaw RAM and put an edge sharp enough to tree-top my leg hairs. Though admittedly I use aftermarket belts which can ramp up the price quite a bit. I believe the available belts from the Worksharp website is more than enough to get a hair popping edge in no time.