I own:
The Sharpmaker 203, an f.Dick steel, a grinder (Belt Sander) and drill rpess I use as a buffer, a strop, and the Razor's Edge Systems Professional Kit (2" by 8" stones, 2 guides, edge tester, and folding steel. I think this is the kit you were talking about. Here is my experiences and my judgements about the worth of the system.
The folding steel, in my opinion, is the best steel out there. It is very smooth and the fact that it folds keeps things compact. And it takes some fo the guess work out of steeling. All you do is swing out the arms, line them up with these 35 degree arrows, and tighten two thumb nuts.
Yes, the edge tester works. Magically better than other things? Well, no. But better than thumb nails I think. your knife has to pass 4 tests and if the edge isn't up to par, it will fail a test. the edge tester isn't a necessary piece of gear, but it does work.
The stones, I think, are awesome. The coarse stone is very coarse. VERY coarse! It has done a fast job reprofiling ATS-34 folders, AUS-6, AUS-8, 440-C, 1095, and some mystery steels. I have never used it on any Crucible super steels though. But I suspect it would do a good job, given how fast the coarse stone has worked on the steels I have tried. The fine stone won't put a mirror finish on blades. More of a satin kind of finish. But man, what an edge. It is a sorta polished edge that is still micro-toothy. yes, it will shave hair. Not as easily as whan I use a strop. But the edges it puts on the knives I have used will cut cardboard and the like very well. It is a compromise edge I guess, but they got the compromise right. The finish is finer than a coarse finish which isn't all that useful for most EDC knives. And, it won't be shiny like a super polished blade either. but I don't do a whole lot of push cutting anyways. The fine stone is a great compromise then.
The stones do wear kinda fast. Faster than other stones, but not as fast as Japanese water stones. Oh, I have a medium water stone too. I don't use it that much. My Razor's Edge stones are more useful. I have had my kit for a couple of years at least and I'd say I have sharpened, hmm.... probably around 60 blades or so. Maybe more or less, I;m not sure. Take that figure as a ROUGH estimate. But given my frequeancy of sharpening, I think the stones will last me at least 20 years more. So I don't worry about the wearing thing. Oh, I never use oil too. I sharpen dry 9they recommend that) and after a few sharpenigns I will wash the stone susing water and a brush wish stiff plastic bristles. 24 hours later I put the stones away (they need to dry).
The guides have been very interesing. At first, I hated them. I was very close to sending the whole kit back. I think there is a bit of learning and fooling around that you have to do with a Razor's Edge piece of gear than with other systems. Now, however, I like the guides. I don't use them all of the time. But they do produce nice flat bevels. And you use a natural sharpening technique. You can press very hard on the knife as you sharpen. As far as equipment goes, the RES kit is the most satisfying to use, I think. Very natural, um... I'm not sure what to say. It just feels good. Sharpening is enjoyable. The GATCO kit I used to have felt very mechanical and awkward. I dunno, I like having both handls on a blade and stroking it on a stone (no bastids, you can't post anything sicko about this statement!) Oh, the guides do wear down. I don't know how many times I have used them, but you will have to buy new ones from time to time. Whatever angle you set them to, they hold it. You have some adjustment available by positioning the clamp in different spots on the knife. In fact, the instructions in the kit tell you to do just that.
So, in the end, it was and still is a worth while piece of gear to get. The stones and the folding steel are awesome. The guides will take some learning time, but they do the job as specified. The whole kit is more versatile than a sharpmaker. When I go to my relatives I take my Sharpmaker and my Razor's Edge kit. The Razor's Edge kit gets used more. One advantage the Razor's Edge System has over other systems I think is its versatility. You can use the stuff free hand, use the guides, steel or not, you have great stones, it is relatively small and portable, etc.
Any further questions you have, please feel free to e-mail me. Also, I may know where you can get a used kit for a good price. Happy sharpening!