Don't switch stones until you have a burr worked up with the previous grit ! Switching stones too early is a common problem and will cause much frustration and a sub par edge !! Now I'm
no expert sharpener but this is just my experience with a similar system
What is a realistic time frame to expect to spend on each grit? I know it all depends on the level current sharpness and as well as the steel. Say for a carbon blade with a decent edge on it how long are you spending on each? I understand waiting for the bur before moving on but I don't know if I'm missing the bur altoghther or am being impatient.
I am used to sharpening on the wheels but have chewing up some blades lately.
Softrockrenegade has good advice. On some blades you can get a good grind to the edge fairly quickly, depends on the steel and
how closely you're following the existing bevel. I find I have to spend about the same amount of time with the coarse and fine Smith's diamond stones. Coming off of the fine one you should be capable of easily parting arm hair from your arm. If you continue on to the fine Arkansas (which will take about the same amount of time as the other stones believe it or not) you'll have an edge that you should be able to shave your face with, just not very comfortably. Arm hair should fall away with no sensation of tugging at all. As others have mentioned, you must raise a burr with each grit, and the burr should be more or less continuous along the entire edge. I take the step of removing most or all of the burr at each level with either a strop or a light touch on the stone. That way you know the next burr you raise is only from the stone you're currently working with. Sounds time-consuming, but with practice you can run through the stones fairly quickly
as long as you're not trying to change the edge angle, even if the knife is somewhat dull. You'll need a loupe of 8-12x and some good lighting (though most burrs can be spotted with the naked eye as long as the lighting is strong.
Raise burr on one side (count the strokes).
Raise burr on second side (use the same number of strokes even if you get a burr more quickly).
Remove burr and enjoy, or move on to the next stone.
The most time-consuming thing you can do is change the edge angle. To speed it up if that's part of what you're attempting, get an even lower grit stone than the Smith's coarse, something in the 120-200 grit range in Silicone Carbide or Aluminum Oxide (my favorites for changing the bevel quickly).
Go slow and develop a feel for when the edge is at the proper angle to the stone. Once you've gotten that down, your speed will pick up on it's own.]
HH
). 
.