Unlike the Sharpmaker on Lansky crock rod systems, Smith's gives you a rough edge shaping carbide pull through, a 750 grit diamond stone, and a cleverly designed pair of ceramic rods said to be 800 grit. I'll take Smith's word on that but they *seem* finer.
I have maintained countless knives on this system for a few years now getting hair popping edges in little time on knives like a Buck Folding Hunter, Buck 501 Squier, large and small Benchmade Griptilians, a myriad of Swiss army knives, and my Wusthof Grand Prix kitchen knives.
There are two drawbacks worth mentioning: the rods are 4" which makes sharpening longer blade knives a bit more of a challenge. This system works best, in my opinion, with knife blades less than 4". You can certainly sharpen blades twice as long, it just requires a little more care and effort.
The other drawback is the two brackets that secure the rods into the bottom of the base stick below the surface of the base and prevent a truly solid mounting on a flat surface. You need to use your off-hand to hold the base securely. I've suggested to Smith's they consider making the two rubber base pads thicker to address this issue.
I had a problem with one of the ceramic rods after a few years and Smith's sent out a replacement pair at no charge. This on a sharpener that cost me less than $20 2-3 years ago! Excellent company, excellent products!