To me, this seems like a nice way to get repeatable results, without requiring the finesse of using a honing rod or free-handing with a bench-stone. I don't know how it compares with the more typical kitchen tabletop sharpeners above.
A honing rod somehow needs "finesse"?
Honing rods are incredibly simple to use and are applied daily to knives in professional kitchens. A home cook should use a hone once a week.
Sharpening is a different process from honing and is only required very rarely on quality knives (with steel hard enough to hold a good edge). Instead of bothering with stones, sharpening systems, and other toys, you can simply have your knives sharpened by a cutlery service once a year (if that) for very little cost.
The key fact to remember, if you remember anything, is that honing and stropping only correct bending of the blade edge. Sharpening is a metal removal process that puts the edge on the blade. A blade can only be sharpened a limited number of times because each sharpening procedure removes metal, but it can be honed or stropped forever.