It boils down to quantity and time spent. Depends on much time you've got to do X number of knives, scisssors, axes, etc.
The Tormek will do a middling job on most things. It is versitile and will do a lot of tools, but the finish isn't the greatest in the world. I for one have never been able to get the leather wheel on the Tormek to do what it should. This is a technique problem I know, I've never been able to correct it and I am not in a location that I can go and watch it being used or receive training in it.
The Tormek is pricey but for me I can sharpen, rebevel on the Tormek and finish on an Edge Pro in short order. That's for knives, scissors, chisels and planer blades. Even not being able to hone successfully on the leather wheel I wouldn't do without my Tormek. I've never regretted the purchase.
The Edge Pro alone if you're matching existing bevels, not resetting the bevels to lower angles, will do 4 knives an hour, 6-8 (depending on size) when you get really proficent with it. Scissors it's hard to beat the Edge Pro - Professional version is the one that takes the scissors attachment only available direct from Edge Pro. It will do chisels and planer blades as well. The Professional isn't cheap and the scissors attachement is an extra 95$ Plus kit# 1 at 300$ or Kit# 2 at 350$ or you buy the complete set Kit # 3 with everything at 485$. See
http://www.edgeproinc.com/pro_model_series.htm As far as I'm concerned the Edge Pro - Professional is the best there is. If I couldn only have one piece of equipment I'd have the Edge Pro-Professional.
For high volume nothing bets a set of belt sanders coarse belts, medium belt, and leather strop belts. That's for knives and axes. You won't be doing a scissors, chisels, etc on a belt sander.
It really does depend on the volume and how much you value your time. I don't think there is a single answer. I have and use everything from scary sharp, Tormek, standard stones, Japanese water stones, Edge Pro, Belt Sanders/grinders, mouse pads with sandpaper, and leather hones both hanging and block hones. I don't use paper wheels any longer. I did but I don't at all now. Your incident isn't the only one I've heard of or varying scary incidents I've seen or had happen.
I do have a lot invested in my equipment that really goes without saying.