anybody try these things? I got one of the small ones today and I was kinda dissapointed with the sanding drum system. I thought it had a diamond wheel, anyhow it worked fairly well (for 40 bucks)
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I got the big one that can sharpen up to 3/4" bits. Works incredibly well. I can cut the end off a burnt bit and resharpen it to better than new in 5 minutes. It came with three chucks and a case and was like $145. Seems kind of pricey til you start drilling big holes in steel, at which point it starts to seem pretty darn affordable.
Save the $40. Learn to sharpen drill bits by hand on a bench grinder. Saving money and developing a marketable skill is, IMHO, the right way to go. If you don't have a grinder get one. Every shop needs a good grinder. And be proud you have learned a valuable skill that is much easier than most think. Many think its magic when you revive a dull bit in a few seconds.
You can get good results with the cheap wheels but in time, when the old wheels are small and worn, replace at least one of them with a softer aluminum oxide version, not much more expensive than the cheap grey ones, in white, pink or blue. Each has different strengths and weaknesses. Do a bit of research.
Some time ago I wrote a detailed text on learning to sharpen drill bits. You should be able to find it in the archive.