I picked up sharpening on a stone when I was deployed the first time, and ended up sharpening knives for all of my buddies. Here's the equipment I use, mostly for sharpening a really nice set of Wusthoff Kitchen knives:
Atoma Diamond Sharpener plate with #140 on one side and #400 on the other. These are course enough to reshape a damaged knife, if necessary, and supposedly last for a very long time. Then a Naniwa Japanese "Chosera" wet stone #800 (P-308). The same type of Naniwa wet stone in #3000 (P-330). Finally, a Rolled Buffalo Premium Leather Strop - 10 inch on Tempered Glass, which looks very nice in front of the knife set, and gives it that final, extremely sharp finish. You can go to some of the even finer pastes if it's an art to you, but for practical purposes, the 3000 + strop is as much as a chef needs and well more than razor sharp. The only down side is that wet stones are for straight edge knives only. Over a long period of time, I'm not sure you can beat the value/quality of wet stones. I'm fairly sure they'll last my lifetime. Total invested in this setup is probably $350. I've sent knives off for companies to sharpen and return (cutco/wusthoff), and never get as quality an edge back, compared to what I can do by my own hand.
In my opinion, this is as fine a stone as is necessary, and these stones tend to act more quickly than other stones I've used and yet seem to produce an edge equivalent to even finer grit stones. Can't explain it, but do the research on 'em if your interested and/or get one, and you'll see what I mean.
This cheap thing off of amazon is pretty nice to lock in the stones over a sink. I had to tweak mine a bit out of the box to fit my stones, but got it to work and it's nice to have a sink with water right under a firmly held stone.
