Cool set up...very much like the Lansky system I use, only your stones are diamond impregnated metal and the Lansky system uses stones and ceramics. The Lansky system stones will wear out over a period of time and will have to be replaced. The key to these type of systems is that you place the guide on the blade in the same place at the same depth every time to keep from over using your stones and having to cut more metal from the blade than is necessary.
Excellent review and I also agree on the use of a leather strop!