I have the HF and have sharpened a lot of knives on it. For rebeveling, it's very handy. I don't have the disk version, just the belt sander. The question is do you have a need for portability? You can order very fine belts for the HF sander. You can also get the Surgi-sharp power stropping belts. I've taken knives from 80 grit down to 1200, then power stropped. Mirror edge and extremely sharp. Don't let anyone convince you that it doesn't last until you've tried it. My local supply of belts stops at 320, which is a good stopping grit before power stropping. Any finer and I have to order them on line. I use white compound on the leather belt. I will point out that using a belt sander will almost certainly overheat the edge, unless you cool it and use water proof belts. In use, I have only seen this be an issue a hand full of times. A couple of edges have rolled after sander sharpening that didn't roll after hand sharpening.
It does say it's only for wood in the package, but it sharpens fine. A word of caution however. Don't leave fine wood dust in the sander then start grinding steel and throwing sparks into the sander. Fire bad.
This edge was applied by belt sander and power strop.
http://www.youtube.com/watch?v=2P4ZCawMN8c