As opposed to water whetstones that require you to pre-soak the stone, the Norton oil stone is pre-filled with oil to save time and eliminate the need to pre-soak it prior to use and the lubricant stays on the surface during sharpening.  The oil also prevents metal from bonding with the abrasive surface by flushing away dislodged abrasive and metal chips.

Mine came plain white then started to darken after a few weeks. About 4 weeks in it settled to a more natural stone/slate grey. The leather has darkened a bit too and remains soft and comfortable. The leather remains easy to adjust and my selected sizings stays in place firmly. Overall It feels, looks and works great. The knot and darker stone/leather compliment each other well.
I would say they are worth the money. Go for it. I took a blunted Pampered Chef kitchen knife from completely dull to razor sharp in about an hour (of bumbling and repairing mistakes LOL) heavy grinding. If you have a severely damaged blade, grab one of those cheesey two sided stones from Harbor Freight to do your heavy grinding. From there these stones will work very well.
I'm a novice knife sharpener. I've had to unlearn what my grandpa taught me in order to use these. So far, I've had decent but mixed results. I've switched to my cheap 200/400-ish cheap tool stone from harbor freight for cutting a bevel when the blade has either been damaged or did not have a proper bevel. The 400/1000 grit stone in this kit is soft. Very soft. I have bowled it out several times. It makes keeping a steady angle difficult. But these stones at this price point are meant for learning, and for that they serve their purpose.
Once the burr is removed, it's time to test the sharpness with paper. Hold a piece of newspaper at about 45°, with a bit of tension, and slash lightly with each point of the blade. If it cuts through easily, your knife's sharp. Warner speedily lacerated his newspaper, but I of course struggled. There is an element of technique involved, he reassured me. 
The angle on a Buck Knife is set based upon how we feel the knife will be used. Heavy use needs a strong and blunt "V" while skinning or filleting would need a deeper but more vulnerable "V". We tend to grind to 13-16 degrees per side (see illustrations). If you match the existing edge angle and hold the knife against the stone to cut evenly across the edge grind, you will produce an edge with a similar angle.
Diamond hones are made from very small, industrial grade, diamonds adhered to the face of a metal or plastic plate. Also, because Diamonds are so much harder than any of the other sharpening materials, they tend to cut very fast and last much longer than the other whetstone materials. But, they are also often more expensive to purchase. In addition, Diamond Stones generally consist of three different styles consisting of a solid metal plate coated with an adhesive and diamond dust with holes in the plate to allow the swarf to escape, a solid plate without holes for sharpening tools with corners that might catch in the holes, and a plastic plate with islands of exposed plastic interspersed with the adhesive and diamond dust to act as a lubricant.
The humble sharpener tends to elicit more divergent opinions than just about any other type of kitchen tech. Everyone, it turns out, has their own take on which type of sharpener works best and why and most serious chefs aren’t shy about voicing their opinion. As you can imagine then there are a number of things most chefs – both professional and amateur – look for in a sharpener in order to ensure they get the one that’s right for them. These considerations include:

This set of two Norton combination waterstones provides four grits and also includes a flattening stone as an added value. The 220, 1000, 4000 and 8000 grit sides will handle everything from aggressive shaping to final polishing. They are 8" long by 3" wide, big enough to handle most knives and tools easily. Our most popular waterstone kit, this has everything you need to both sharpen with waterstones and maintain the stones themselves. A great starter set.
At age 10, Terada learned the basics of sushi from his father and then went on to attend RKC Chef's School in Kochi, Japan from 1987-1989. He soon earned a nickname for his fast knife, attention to detail, divine presentation and ability to create new dishes and accents based on traditional Japanese cuisine. After graduating RKC Chef School, he was called to serve under Master Chef Kondo at Yuzuan restaurant in Kochi, Japan from 1989-1992. Mr. Kondo is the master of Kansai style cooking, considered to be the high-end of Japanese cuisine. Terada earned the title Master Sushi Chef by becoming the standing head sushi chef & can serve Fugu (Japan Licensed) to the public.
Our second entry from Chef’s Choice is the 463 Pronto Santoku. This manual sharpener is super-simple to use and delivers fast, high quality results every time. While this is a “2-stage” system there’s nothing complicated about it. One slot is for sharpening and the other for honing. Both stages utilize diamond abrasive surfaces so your blades will retain its edge for a good long time.
I do have to question the grit ratings of these stones. I didn't notice anything before using them, but after a day, the 2000 grit actually felt courser than the 1000 grit side of the other stone. Whether that could be a byproduct of other factors or an indication of the more obvious, being that the grit ratings aren't accurate, I don't know. But that seemed to be the main criticism of cheaper whetstones, that their grit ratings often aren't accurate. Or maybe it's less a problem with accuracy and more a difference that most synthetic stones might have in common when being compared to much pricier natural stones?
I've always wanted to sharpen knives on water stones, and this set gave me the motivation to finally give it a shot. The price is amazing for the quality and content of the set. It comes with all the grits you need to sharpen anything... I usually start on the 400 grit if the knife is very dull, or directly on the 1000 grit if it's not too dull. The 3000 and 8000 grit stones are softer and ideal after the coarser stones. The online learning section is truly amazing, much better than I expected. A convenient place with instructional videos and many articles about knife sharpening. Only downside is that the knives are now so sharp I need to be very careful using them... but that's a good thing! I feel like I fell in love with knife sharpening again.
Once the burr is removed, it's time to test the sharpness with paper. Hold a piece of newspaper at about 45°, with a bit of tension, and slash lightly with each point of the blade. If it cuts through easily, your knife's sharp. Warner speedily lacerated his newspaper, but I of course struggled. There is an element of technique involved, he reassured me. 
Put the pointed, narrow end of the sharpener up against the open end of the gut hook. The narrow, pointed end of the sharpener should face in toward the thickness of the blade, away from the edge of the gut hook. Match the angle of the sharpener to the original edge angle. This will maintain the correct sharpening angle and prevent you from getting cut by the blade tip. Hold the same angle when sharpening each side of the gut hook.

Historically, there are three broad grades of Japanese sharpening stones: the ara-to, or "rough stone", the naka-to or "middle/medium stone" and the shiage-to or "finishing stone". There is a fourth type of stone, the nagura, which is not used directly. Rather, it is used to form a cutting slurry on the shiage-to, which is often too hard to create the necessary slurry. Converting these names to absolute grit size is difficult as the classes are broad and natural stones have no inherent "grit number". As an indication, ara-to is probably (using a non-Japanese system of grading grit size) 500–1000 grit. The naka-to is probably 3000–5000 grit and the shiage-to is likely 7000–10000 grit. Current synthetic grit values range from extremely coarse, such as 120 grit, through extremely fine, such as 30,000 grit (less than half a micrometer abrasive particle size).[citation needed]
Ease of use – Most people in search of a mechanical sharpener want one because they don’t want to be bothered with trying to achieve a perfect edge themselves using a stick or sharpening stone. They want predictable, first class results every time. In that case it’s important that the electric powered device is easy to use, achieves results quickly and with little effort and is designed with user safety in mind. Keep in mind too that it’s easy to apply too much pressure when using a mechanical sharpener and when that happens you’re likely to see unsatisfactory results. In addition there are subtle differences between mechanical devices designed for Asian-style knives and those designed for Western-style knives. This has to do with the sharpening angle discussed above. Don’t get an Asian sharpener if you don’t need precise control over your cuts.
So you are going to start at the heel and you are going to time it so that it goes all the way across. You go from one side to the other. You also want to make sure that your stone, I am not going to use as much pressure as I normally would because I cannot mount it on this showcase, you want to alternate from side to side to keep your bevel centered. Some people will take and do three times on one side and then three times on the other, the problem is that your backhand is never as good as your forehand and you end up cheating and you are going to end up with a blade that is offset. That is going to take it and thin down, you are going to get a thin bevel right on the edge. Once you get that V established, you can go from the coarser side to the finer side.
Serrated blades have a grind on one side of the blade. Only sharpen the grind side of the blade. Hold the sharpener at the angle that matches the original edge angle. Hold the knife with the edge away from you and the serrated side of the edge facing up. Set the tapered diamond sharpener in a serration so that you fill the indentation. Draw the sharpener towards the edge.
Beginning on the right side of the knife, move from tip to heel and heel to tip, then flip the knife and repeat. For the left side, it’s opposite—start at the top of the stone to reach the heel area completely. So, you will move from heel to tip and then tip to heel. Remember to apply and release pressure as you did earlier, exactly the same as in Step 2, but with light, refining pressure.
There will be a drawer that extends into the mechanism under the abrasives. Any detritus from the sharpening process drops into this drawer. Exactly where the drawer is located will differ from sharpener to sharpener but it shouldn’t be hard to find. Remove the drawer flick any material into the wastebasket and then wipe out the drawer with a damp cloth or tissue. You may want to use work gloves and goggles to protect your hands and eyes from any loose metal shavings. Once the drawer is clean and dry replace it. The exact means by which the sharpening mechanism itself is cleaned will vary from manufacturer to manufacturer. Consult your owners guide for specific details. Make sure you don’t introduce any grease or other lubricants into the sharpener unless specifically directed to do so by the owner’s manual. Also, the outside of the sharpener should come perfectly clean with just a damp cloth. Avoid using commercial cleaners or abrasives of any kind.
Steeling helps maintain sharpness. This process realigns the edge, correcting for dulling causes such as a rolled edge. A sharpening steel is a type of hardened cylindrical rod used similarly to honing stones. For example, a butcher steel is a round file with the teeth running the long way, while a packer steel (used in the meat packer's industry) is a smooth, polished steel rod designed for straightening the turned edge of a knife,[7] and is also useful for burnishing a newly finished edge. Because steels have a small diameter they exert high local pressure, and therefore affect the knife metal when used with very little force. They are intended for mild steel knives that are steeled several times a day, but are not well suited for today's tougher and harder blade steels. Diamond steels are now available that have an industrial diamond coating and can remove blade metal as well as straighten, therefore used correctly they can re-profile a knife instead of just honing.
The goal when sharpening is to create a burr, which is a tiny whisper of metal left on one side of the blade. You'll know you have a burr when you can feel one smooth and one scratchy side to the edge. Warner's is formed in no time at all; I struggled. Nevertheless, eventually I got there. Once you've got the burr, it's time to move on to step three.
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