Let me start off by saying that I have not used one. I have been doing research for the past few weeks trying to find a sharpener to suit my needs. From the reviews I have been reading, it does a good job at sharpening chisels, and plane irons, but it cant do much else.
For me at that price, I think it is either better to just buy a good set of water stones, or to save up and buy a Jet, or Tormek sharpening system. Both of those allow you more freedom to sharpen more tools. I am looking at getting the waterstone set from rockler for $119. I cant post the link, cause I don't have enough posts.
Good luck.