This tool is great for what its made for: power planer and jointer blades.  However you will note a lot of people use it to sharpen a lot of things, and this is the beauty and the curse of the machine.  Well, "curse" might not be the exact word, but you're looking at a significant time investment to be able to use this machine to sharpen your tools, at which point it will prove a practically invaluable asset towards easily restored hand tools.  If you get it set up this well you might even use a lower quality chisel to chop a nail in a pinch because it is in fact that easy to fix chips etc.  The issue is that you CANNOT use regular hone guides with this tool, alone.  Within minutes you will make a flat spot in the brass wheel, essentially destroying the guide.  And, the wheel WILL skid, no matter what, and you will end up with a conical wheel, because the inside covers less ground than the outside.  I was able to use mine for one very large chip in a plane blade, and that was it.  But it was worth the sacrifice to me.