I have a Sharpmaker and use it all the time with my EDC folders. It is a great tool and I like it a lot. That being said...
- It is not that great for re-profiling, even with diamond rods.
- If you must use a Sharpmaker to re-profile, wrap the rods with coarse sandpaper. IME, that works better than the diamond rods and is cheaper. To put it another way, the diamond rods just are not that great and cost too much.
- Unless your edge is less than 20dps / 40 inclusive, you will need to re-profile. Your Sharpmaker will not work unless your edge is less than 20dps / 40 inclusive. Almost every "my Sharpmaker isn't working" story seems to be due to overly obtuse edge geometry.
- You can get a relatively dull blade sharp with the brown rods. If it is really dull, it might take some time.
- You can get a blade sharp enough to shave and cut phone book paper with the fine white rods.
- IMHO, the super fine white rods are fine, but not worth the money. Again, you can get a blade REALLY sharp with just the standard kit.
So, in my opinion the standard Sharpmaker kit will do almost everything you want. If you need to do more than that, look at a KME (or comparable) system.