Hey Gator,
After reading through a lot of the old forums here on sharpening, I decided to get the strip sander with the sharpening jig, which is also on special at ShopSmith until midnight tonight! I don't worry about tying up my main machine, like Bill, as I have other machines to put the strip sander (or the grinding wheel, if I had it) on. I didn't pick up the grinder wheel on special this week as I already have a bench grinder, but my concern would be sharpening things that need to be very sharp--like chisels and planes--on a grinder like that. The grit package is very aggressive--36, 60, and 100. Those are fine if you are needing to grind a new edge (though I probably wouldn't use coarser than the 100 for something like a chisel or plane, personally), but they won't get very sharp for woodworking--they still need to be honed. I have more mowers than I care to admit, and it would be perfect for cleaning up and sharpening those blades, and other lawn tools, etc.
Another ShopSmith offering, the sharpening guide, which is shown used with the disc sander (though I believe it can be used with any of the sanding SPTs) seems to get mixed reviews, and none of them seem to be head-over-heels with it.
There are a lot of people who seem to swear by the strip sander system, though, as being one of the best sharpening systems out there. An older post from Nick Engler even highly touted its capabilities. I'd been waiting for it to go on special and it finally did this week. I realize $336 is a lot different than $145, but I don't want there to be an expectation about what the grinding wheel can and can't do, at least given what is included in the kit on special, in terms of getting woodworking hand tools to be razor sharp.
Just my two cents. Sharpening is very personal. Here is a video of Nick using the Strip Sander and chisel sharpening jig. You'll see he goes up to 600 grit on the sanding belts and then strops with leather and a compound:
[youtube]
https://www.youtube.com/watch?v=YzEOM1DgUeg[/youtube]
Alec S.
1985 Mark V upgraded to 520 and Power Pro (SN 000527)
1983 Mark V Shop Deputy (SN 163487)
1982 Mark V headstock (SN 122265)
1949 (?) 10 ER in transition to dedicated drill press (SN 18677)
11" Band Saw (Aluminum Table System upgrade) (SN 34026)
4" Jointer (SN 02-18-98)
6" Belt Sander (SN 19012)
18" Jig Saw (SN 17407)
20" Scroll Saw (SN 010593)
12" Thickness Planer (SN 10406)
Strip Sander (SN pending)
DC3300 Dust Collector (SN 102088)