Rob,
I don't have the Tormek, but I do have one of the Scheppach systems, which is basically a cheaper rip-off of the Tormek. Some of the comments I have on that are relevant to the Tormek, though;
It's messy. It's only water, but it does get all over the place.
There's only one grit. That's fine if all your chisels/blades are in good condition & just need a bit of a tune-up, but if a chisel is badly damaged, or has been used to do something it's not designed for (like removing plaster from a wall - not me, of course

) then it can take forever to get it back to a good edge. I have a badly-abused 1 1/2" chisel that I tried to get back - I spent over 30 mins grinding it on mine, and it wasn't even half-way there, so I gave up on it.
Tormek do have a 'grading stone' which is supposed to give you effectively 2 grits, but that accelerates the wear on the stone. If you go with a Tormek, you will in all likelyhood still need a normal bench grinder to do the heavy work.
I've just started a new job, and in preperation I sharpened all my chisels/blades a couple of weekends ago. It was really frustrating. I'm seriously thinking of getting rid of the Scheppach & looking at the WorkSharp. It's now available in the UK from a lot of places including Rutlands. There's a thread
HERE about it, and I know from that that Peter (Halle) has one & raves about it. It's considerably cheaper, too, at GBP200 or thereabouts, than the Tormek T7.
May be worth looking at that instead...
PS - I don't know enough about it to say if it's any good for carving & turning tools though. I'm sure Peter will chime in soon!