I'm kinda passionate about this stuff so I'll ramble on for a short while
This doesnt come cheap, but if you're really keen on keeping your blades in good shape, get yourself a Spyderco Sharpmaker.
I own both a Lansky 5 stone set and a Spyderco Sharpmaker, and for years I swore by the Lansky.
After picking up the Spyderco some time ago, I won't easily go back to the Lansky again for maintaining my blades and keeping them in razor sharp condition.
I own several high quality blades and for me the Spyderco is the only way to go. But you don't have to own the high quality stuff to see the Spyderco's worth - Even your everyday use kitchen knives and multitools will be eternally happy
The Lansky and Spyderco both have their place in the sharpening world. Each sharpening system functions perfectly fine on their own; I've just integrated them to suit my specific sharpening style.
If the blade's edge is non-existent (or if I'm sharpening a cheap R50 knife/multitool you might buy at some large department/hardware/home living chain), I'll use the Lansky to create and shape the edge as nothing beats the Lansky's extra coarse hones for cutting into a blade and creating an edge.
Always sharpen to 40° - 20 on each side of the blade, for superior all-round performance and edge-holding.
Once I have a decent edge I'll switch to the Spyderco to refine and actually sharpen the edge. No more than 5 minutes is usually required for a razor sharp edge, where you can show off by sliding the blade along your forearm, shaving the hairs as you go
The cheap R50 blade will obviously not hold an edge anywhere near as well as a blade made from good quality steel, but you will be able to get a sharp edge on it without much effort.
If you only want a "factory" (or "utility") edge, on your kitchen knives for example, you'll only need around 2 -3 minutes with the Spyderco. This restores the edge to more or less what was put on the blade when it was manufactured, and sometimes gives you an even better "factory" edge than the factory themselves.
Likewise, if your blades are reasonably sharp (as they should be; Never let a blade go completely dull!), 2 - 3 minutes will ensure that your blade is in tip top shape.
I got hold of 2 of wifey's new utility kitchen knives the other day, and where the knives were so dull (out of the box) that you could eat your Jungle Oats with it, after one session with the Spyderco they are now ready to be used as operating theatre tools.
What makes me choose the Spyderco over the Lansky time after time is the fact that you can sharpen just about any size/shape blade with ease. If you can hold it with a normal grip, you can sharpen it. Straight edge, serrated, scissors, straight razors, garden shears, pangas, no blade is too much effort.
With the Lansky, I find it a mission to get the blade clamped in exactly the same spot every time. Some blades are to small to clamp properly, some are too big and then the sharpening rods are too short, bla bla bla.
If the blade is not clamped in EXACTLY the same spot for each individual knife every single time, you change the angle of the edge (even if it is by 1 degree) and you will have a hard time getting the edge razor sharp, and ultimately end up with a dull blade or a false edge.
Another reason I prefer the Spyderco, is the mess the Lansky invariably makes due to the sharpening oil you need to use. During the sharpening process I always end up getting the stuff on my hands, on the sharpening rods, everywhere - Then my grip on the clamp and the knife start to weaken, even slip now and then, and let's face it - If I'm working with razor sharp blades, I won't want my hands or the blade slipping all over the show.
I also almost always end up with cuts on at least one finger during a sharpening session with the Lansky, even if it's just a nick, but it's those small little cuts that are the most painful ones and end up irritating you for days afterwards.
With the Spyderco, the only cuts/nicks I've picked up is due to me running my thumb and index finger along the edge to clear off the shaved metal bits and to test the edge and feel it "bite" - A bad habit, I know
Spyderco employs a simple method to ensure that you keep the angle of the edge the same every time - If you can draw a blade straight down against the stone from butt to tip, you will have a super sharp edge every time; No oil, water, blood (!

) required.
Where it comes to sharpening systems, I'm sold
Check out the Spyderco Sharpmaker here:
http://www.spyderco.com/catalog/details.php?product=77