Let me observe some things that are common misconceptions about belt sanders for sharpening.
A common myth is that they remove too much steel. They only NEED to remove enough steel as is required to sharpen the knife as does ANY sharpening method. If it removes more than that, you're using an abrasive that's too aggressive. Many people do that. For sharpening most knives I use 600 grit or even 15 microns (~1200 grit) and sometimes I just use the leather belt with white compound. Nothing equals a belt sander for stropping - nothing. An edge would have to be pretty far gone to need anything more than 600 grit, but you'd need an aggressive stone to sharpen that edge as well, and some diamond stones are VERY aggressive.
On the subject of heat. An 8" paper wheel running at 1800rpm (many run at 3600) is moving at ~3800 surface feet per minute. The belt on a HF belt sander, 3.75" drive wheel, is moving at just over 3500 SFPM so it's about the same, and if you are using a 3600rpm grinder for sharpening wheels, it's running at over 7000sfpm! A fixed speed Bader BIII belt grinder, something a lot of knifemakers use for both grinding and sharpening, has a 6.25" drive wheel with an 1800rpm motor and runs at about 2900sfpm. Further, a slack belt on a sander is much softer than a hard paper wheel, so there is less friction = less heat.
And, there is no limit to the size knife you can sharpen. Try sharpening a 7-8" blade on a Lansky. Better yet, try shapening a machete on anything. The belt sander does sharpen anything, regardess of length. Even with a shorter blade, the sharpening angle on a Lansky changes as you move away from perpendicular. That means the point of the knife is being sharpened at a more shallow angle than you think, something you probably don't want because the point is the most fragile part of the blade.
Most people who comment negatively about sharpening on a belt sander have never used one. Many are simply justifying what they are already using. Some are selling something else, like these -
http://www.knifeoutlet.com/shop/10Browse.asp . A HF belt sander and all the belts you need cost about $100.
I'm not selling belt sanders or belts, and honestly I don't really care what you use. All I'm trying to do is help people and try to keep the nonsense to a minimum.