hi again,
i use an oilstone for a couple of reasons, none of them good. the india stone in the picture cost me 11$ at NW, and it serves my needs very well. a comparable double sided waterstone well set you back around 30-50$, and it does not do a better or worse job when it comes to kitchen use. waterstones also need to be soaked before they are used, i keep a norton 4000/8000 submerged all the time. this is much easier than soaking for two or three hours before i hone, but once in a while i have to change the water and wash everything out which is a pain in the butt. also, i have HEARD but not experienced that waterstone combos sometimes warp and split at the seam. not good. for a super polished, extra sharp edge, a waterstone IS better...however, my india stone is probably no finer than a 400 grit hone, so it is not exactly the right tool to acheive a mirror edge anyway. the 4000/8000 norton sharpens my straight razors very well, but it is much too fine for kitchen cutlery. i have seen waterstones go as high as 12000 grit, which would essentially leave a gleaming chrome finish.
the price point of oilstones becomes more attractive once you have used one for a while; as you use them, they become bowed because the hone is actually losing material where the knife abrades. a bowed hone results in dull knives. the only way to reliably straighten a bowed hone is to rub it against a like hone in an X shape, or to work it on wet/dry sandpaper that is stuck to flat glass. this technique is called lapping.
in regards to holding the angle, a guide like the one in sazerac's link should work just fine. i had a lansky pocket knife sharpening kit that was very similar, which worked great. I now do all the bevel control by hand, but having a little something to help might be good. i have seen things that clip onto the spine of the knife that you rest on the stone as you hone, that were VERY cheap ($5?). i usually just use the middle line of my thumb to guide the primary bevel.
on a side note, every really well sharpened knife has two bevels, the primary bevel and the secondary bevel. while my primary bevel is probably 18-20 degrees, i always hone the very tip of the edge to about 25 degrees. this prevents the edge from breaking or bending as the knife is used, and results in a more durable and longer lasting honing. i usually achieve the secondary bevel with two laps at the higher angle on the fine side of the hone only.
as far as sharpness, the absolute sharpest edges will be concaved, or "hollow ground." this is what bagat bros does to their knives, and possibly others around town. the edge is formed by being ground between two wheels moving in opposite directions, and forms an extremely thin, extremely sharp tip. hollow grinding is great for tools that do a very specific, very precision job, like straight razors. for a kitchen knife, it results in an edge that lasts about 10 minutes. the edge is simply too thin and sharp to last very long, and it can only be restored by being hollow ground again. i would not recommend using a sharpening tool that hollow grinds.
the second sharpest is an edge that is absolutely flat. a rounded edge or bevel will not be as sharp as a flat edge. in fact, a knife is usually considered dull once its flat bevel has been rounded by repeated steeling and use.
Gary: sorry to hear that you are honing impaired. if i can be of assistance just drop me a line. it would be a shame to see that nice new carbon job of yours go to the evil knife grinding man :-p
edit: sorry for the large pics, my resolution is so high that they look like thumbnails to me...all just a matter of scale i guess!!
Erik