I love the diamond wheels on the Tormek. However, when I sharpen chisels or plane blades, I only use the Tormek to get them rough sharpened and/or backs flat. In the end, I now always sharpen with a Lie-Nielsen jig on Shapton Glass Stones. The result is very sharp and better than I've ever sharpened before.
With turning tools, though, the Tormek is a fast and easy way to get gouges and scrapers very sharp; no other work needed. Generally I use the 600 grit diamond stone for sharpening gouges and scrapers unless I want to change the bevel to a different angle.