SharpMaker rocks!!!
I do not use the 40 degree setting on the S/M. All of my knives have a 25 degree back-bevel with a 30 degree primary micro bevel. I use an EdgePro to set and polish the back bevel initially, then use the S/M for touch ups.
The S/M rods will not remove lots of steel quickly, so if your edge is higher than the 30 or 40 degree angles of the S/M, you may be in for a long haul getting your back bevel to match. The diamond rods help with more aggressive steel removal in these situations. You can get them for $44 at KnivesPlus.com.
The Ultra Fine rods do an excellent job of polishing the edge, however you have to ask yourself what the primary use of your knife will be. If you want to impress your buds by tree-topping arm hairs, yes you will need the U/F rods. However, if you are using your knife for what it was intended (cutting cardboard, wire, opening packages, field dressing game, etc.), then the Fine rods will more than suffice. You can easily shave arm hair with an edge from the Fine rods, you just won't be able to go that extra step and tree-top the hair without the Ultra Fine rods. For my kitchen knives, the Fine rods are plenty sufficient.
Now, if you want atom-splitting sharpness, you owe it to yourself to take a look at the EdgePro.
Here are links to the Apex model (which is plenty sufficient for all except professional sharpeners):
http://www.edgeproinc.com/productsapex.html
http://www.accuratesharp.com/edge-pro.htm
http://bronksknifeworks.com/Edge_Pro...sharpeners.htm
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