I like waterstones and think they do a great job. The difference is that you will never have to flatten a DMT,or soak it,and it will last a whole lot longer.
I used to think waterstones were stupid and could not see why anyone would want one. However as I learned more I found out that always releasing a fine slurry brings with it a set of advantages. You are always dealing with fresh abrasive and IMO or theory, the fine slurry helps to minimize burr formation which helps create a really clean crisp edge in the hands of a good sharpener. I also think that the slurry colliding with the edge apex as you sharpen with edge leading strokes tends to "round" the edge on a microscopic level which is why you see guys who use only waterstones "strop" their knives on their water stones when they finish them up.
The best, longest lasting edges I have ever personally obtained with my own free hand sharpening were done on a 1000/6000 combo King water stone and then a translucent Arkansas stone to finish. The slurry released by the waterstone made a very clean, burr free edge and hard flat surface of the Arkansas took care of the micro rounding the slurry created in roughly four or 5 very light strokes. The resulting edge would shave an ape and was very durable. No need for stropping that I could see.
All of that is more trouble than its worth though, unless you are a sharpening geek. I do use the same technique with a simple silicon carbide oil stone that releases a slurry and then finish on a fine India or Soft Arkansas and get just as good of an edge except it has more tooth to it.
I learned the idea of start with a friable stone finish with a hard stone on a knife nut forum. Would have never thought of it in a million years on my own. You would probably have to substitute a ceramic or diamond stone for the Arkansas stone if you are working with high end steel, although the India would work.
Or you can not be nuts and use a fine DMT on everything!
