A few people have mentioned that the initial re-bevelling with the Sharpmaker can take a while. That is definitely true. It's especially true if (say) the initial bevels were at 24-degrees, and the first time you sharpen now you have to get them all the way down to the Sharpmaker's 20 degrees.
I use a trick that makes the initial re-bevelling blazingly fast, faster than a lansky with diamond hones, even. I take a DMT 6"x2" x-coarse diamond hone and lean it up against one of the v-sticks in the Sharpmaker, which maintains the angle. Re-bevel that side, then move the DMT to the opposite stick and repeat. A DMT x-coarse hone will re-bevel most knives in seconds, and by using this trick you re-bevel exactly to the Spyderco's angle! Now that we're re-bevelled, you can do your regular sharpening process with the Spyderco.
I described this a bit more in How to Make the Spyderco Sharpmaker Perform:
www.bladeforums.com/ubb/Forum1/HTML/004609.html
BTW, the way I use my Sharpmaker 204 on my folders is... First, I grind in thinning-bevels (what Spyderco calls "backbevels") with the 15-degree angles. I grind this bevel to within 1/32"-1/64" to the very edge, but no need to go all the way. The objective here is just to thin the knife up. Spyderco suggests grinding in the "backbevel" last, but there are advantages to grinding it in first as I suggest.
Then, I switch to 20-degree angles, and grind in the cutting bevels, using the process described in the FAQ. Grind one side only on the coarse stick until there's a burr along the entire length of the other side of the blade. Then repeat on other side of blade. Now start switching sides between strokes. Switch to finer sticks, and continue switching between strokes, LOWERING the pressure you're using as you go. Final strokes should be very light. If any burr is left, do whatever method you choose to remove it: double-ground or *short* stropping.
Joe