I have used a Tormek somewhat extensively. It produces a lovely edge, but in my opinion is way too slow, especially if there is any kind of nick to be ground out. I have used diamond plates and water stones quite a bit and found them to be tedious by themselves as well. The "scary sharp" system, which relies on glass, paper, and adhesive, works well but the paper gets expensive and I don't really enjoy screwing with spray adhesive. That produces its own kind of tedium.
The system that I have settled on, which is efficient and effective, is as follows:
I bought a cheap two wheel grinder that runs way too fast for comfort (3600 rpm, I think). I then purchased a norton cool-grind wheel, hard felt buffing wheel, and diamond tipped wheel truer. I also purchased a sharpening guide from veritas that includes a clamping guide for holding your tool edge square to the wheel. I never use this last item except when I am truing the wheel with the diamond truer.
I bought a set of Norton water stones :200,1200,4000,and 8000. These stones are a bit slower to dish, and produce quick results. I adore the two finer grades. As my system evolved, the two coarser grades ended up gathering dust.
Here is how I sharpen:
I set the tool rest for my chosen angle -- about 30 degrees. I then typically free hand grind a hollow bevel, keeping a dish of cold water to dip the blade in as necessary. The cool grind wheel helps keep the temps low. If you could find an 1800 rpm machine, that would help, too. If there are no major nicks, I grind the the hollow until it is just a hair's breadth from the actual cutting edge. This ensures that there will be very little metal to hone when I move to the stones, while the hollow grind provides a positive register against the the stones surface. this is important, because I have dispensed with any honing guides -- also cumbersome and unnecessary, in my opinion. I hone first on the 4000 stone, then on the 8000 stone. I then use the felt buffing wheel, turning the wheel backward BY HAND, though it is mounted on the electric wheel, to take off any wire edge. This is a very brief final operation which may usually be unnecesary as well.
Usually, I can go many sharpenings on the stones before I have to grind, and I very seldom need to grind the actual cutting edge, so the danger of burning the steel is avoided.
This system is fast as can be, it is not fussy, and it is relatively inexpensive. Try it, you will like it. I've tried all the other approaches and this is my favorite.
Good Luck!
