Heres something that I posted last year about the Tormek. Some people will tell you that you should just learn to sharpen free hand, but I kind of likethe Tormek.
My bro-in-law has one and I like it, but I guess thats because I didn't pay for it. Like stated above it's a little pricey. I think he paid something like $350/400 for the kit that included 5 or 6 jigs/clamps/what ever they are called, and with them it will sharpen just about anything. But just to make sure you are totally aware, it is designed for wood working tools and not knives. More on that below.
I was a little skeptical about the one stone being able to be both coarse and fine, but it works. I also like the ability to find the existing edge angle of a knife before you start or just set it to what you want it to be.
Its great for doing a bunch of kitchen knives. You can do a 10 butcher knife in under 10 minutes (my sisters knives that look like they were used to cut bricks with and have never been sharpened, and needed a complete re-profiling done on them). Knives that I never would have taken the time to even try I have done on the Tormek.
The only thing is that it really isnt setup to do a small pocketknife or even something like a filet knife. The biggest problem is the clamp that you use cant really get a grip on a skinny blade. Ive had problems with a set of Steak Knives that I tried and a couple of pocketknives. They were just too skinny from the back of the blade to the sharp edge to grab and not be grinding on the clamp rather than the blade. But I have done as small as a 3" blade with out problems, it really depends on the blade shape and if the clamp will grab it and still give you enough room to work.
Also it cant do is something over 16 (I think) without a special adapter (and then into the low 20s). So dont buy it to sharpen a sword/machete.