I have had one of these sharpeners for years.
It sits in a basket with several other sharpeners that promised razor edges but delivered only relatively sharp results.
With the Spyderco system, there are three basic phases to the sharpening procedure. In the center of the beast are two angled carbide blades. You can drag your knife through this a few times and "scrape" an irregular edge on the blade at an approximately correct starting angle. The result is perfectly fine for cutting tomatoes, but it would not be confused for a sharp blade.
The sharpener also has a flat, diamond chip surface that will grind your blade to a decent edge with only a few strokes. Once again, the finished result will be a fairly rough edge. Again, okay for cutting vegetables, but it still isn't what we would call sharp.
The third phase is the angled ceramic rods. The idea is you hold your blade to at an exactly perpendicular angle to the base, and drag the blade over the ceramics toward you in a downward cutting manner. The end result will be a relatively sharp blade. The problem is, by the time you get something that feels satisfactorily sharp, you also will likely have a "wire" edge that will flex easily until it breaks off leaving an essentially dull knife.
For considerably less money, you can buy a two-sided Arkansas hard-stone. While both sides are pretty darned fine, one side is slightly rougher than the other, and that's where you start. Once you hone a decent edge, flip the stone over to the fine side and hone it to razor sharpness.
Buck Knives sells a sharpening kit that includes the Arkansas hard-stone, a nifty wooden case, and a bottle of honing oil. They also include a concise set of instructions that explains angles and benefits. For example, you don't want to sharpen your kitchen knives to the same angle as your work knife. And your skinning knife needs another type of edge.
It's worth learning how to sharpen your own knives on an oil stone or a whet stone. The results will nearly always be superior to using one of these "systems." Just don't be in a terrible hurry to do the job.
Traditionally,
Crusader Rabbit