I would highly recommend the Lansky sharpening system. It takes nearly all the guesswork out of the process, gives you a sharp knife every time and if you have the right stones you can actually sharpen X-Acto blades if you're careful. This setup has a blade holder that clamps to the blades and provides a guide for the stones, which along with a guide rod you put on the stone (you'd have to see it to really understand what I mean, look at this http://www.lanskysharpeners.com/LKC03.php) gives you repeatable results and you have the choice of ceramic, natural arkansas or diamond stones. You can also get stones specifically for serrated blades. Someone who knows what they're doing can get awesome results just as Greenscout described, but I like this system because it makes it easy for someone who doesn't do this much to get a good edge. I think it's a good system, and mine with the Arkansas stones has served me well for over 15 years. I've considered getting the ceramic stone set just to eliminate the oil, but the natural stones work so well I just haven't bothered.