Knife lovers beware: at a Slow Food event a while back, I met a woman who fell prey to the same charm of the old school knife sharpener. She handed over her beloved, and expensive, knives to the guy (I believe it was one of the bigger farmer's markets, but hesitate to name it b/c I'm not sure which one) and he promptly destroyed them. Scarred up the blade, chewed the edge unevenly.
I'm not saying they're all bad, but test out your beater knives with anyone you trust to sharpen them before you give up the good ones.
I recently scored a 50s electric knife sharpener in MINT condition--the cord had never even been unraveled and the box/instructions all intact--at the Maxwell Market for $3. Of course it didn't work. The motor worked, but the sharpening wheels didn't spin. I sent it off to an excellent small electric appliance repair shop in Wisconsin, and for $15, they fixed it. With shipping, I probably laid out $25 total for it. I would never sharpen my good knives with it--the repair guy even advised me not to--but it's perfect for the knives I don't mind thrashing.