After flirting with diamonds, oil stones, and different water stones I have returned to diamonds. Of all the methods of sharpening, I much prefer the feel of oil stones and like the edge from a natural stone vs. the edge from a man made stone but as I posted in a comment to Rob's post, oil stones are not efficient with all the irons in my shop. Diamond stones are not the best at any one of the things a stone needs to do except maybe stone maintenance but they are a damn good midder on all the rest.
If the only irons in my shop were high carbon O-1 an oil stone system would be the cat's pajamas. For O-1 there is nothing better than a couple or three Arkansas oil stones followed by a strop. Good oil stones have a great feel with a beautiful scratch pattern, little mess and little fuss. A near perfect system for softer high carbon steel. That ain't my shop, I have a bunch a bunch of O-1 iron but also PM-V11, LN's A-2 (grumble, grumble), Japanese white paper #1 and #2, and a assortment of mystery steel. Oil stones work well on many of the irons but not all and it is a PITA to change the stones to sharpen each iron.
Cut to the chase: The current system for tool maintenance uses four "stones", more than I would like but the results are worth the extra steps. Two diamond stones (600 grit and 1200 grit, there is a 250 grit in the holder for use when needed), a extra fine Spyderco Ceramic, and a 20000 Gukomyo for final polish. The Spyderco is a perfect setup stone for the Gukomyo. The Gukomyo is fast, very hard, stays flat and needs less maintenance than any other water polishing stone I've tried
I expect in the near future I will make a four plate holder for 3 diamond stones and the Spyderco, leaving the Gukomyo in the stone pond. If I do I will move the stone pond closer to the plate holder and move the strop to the right end of the bench. BTW, with the Gukomyo, the strop gets very little use. Can you tell I'm falling in love with my Gukomyo stone.
Here is a photo of the current set up:
Click it to big it.