I've only used it to touch up the edge on an ESEE RB3 and a pocket folder so far, but it has done very nicely for those tasks. I found that using the rounded edge works best for me in order to be able to run the length of the blade without hitting the leather lanyard. I'll hopefully try it out soon on fish hooks, too. A worthy and handy accessory, and cool looking necklace, to boot!
Japanese water stones – both natural and synthetic – are known for their superior sharpening performance, not only for Japanese tools, but also on their Western equivalents. The loosely bonded abrasive grit is washed out very quickly, as it blunts during the sharpening process; this exposes new, sharp, particles that can get to work on the blade. Water stones are lubricated only with water! Never use oil!
The Whetstone 2-Sided Sharpening Stone is made from professional grade corundum and will sharpen everything from a razor blade to a cleaver and even a machete, should you happen to have a machete lying about that needs sharpening. This is the simplest type of sharpener it’s true but the company have obviously put a great deal of thought into the product.
Removing the burr is fairly simple. You'll need a leather strop or block (this sort of thing), which is designed to catch the metal fibres from the knife. You could do it with a fibrous tea towel or some newspaper if you like, but I'd suggest going with leather to begin with. The motion is fairly similar to sharpening. Draw the knife over the leather, going away from the edge at roughly the same angle as when you sharpened. 
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