I am a serious foodie who owns some 20-30 kitchen knives and/or other sharp instruments, not including steak knives, etc. I used to try to hone on a stone, but who has a day & a half to sharpen? My M120 and a diamond-dust-coated steel gets them all in 15-20 minutes.

Yes, the M120 removes much more metal than honing, and if your knives have a bolster at the handle, it can make sharpening down to the handle difficult. But I don't sharpen THAT often that I am worried about sharpening the edge away from the cutting surface any time soon. I have had them - mostly Henckels 4-Star - as well as the M120 for about 5 years now, and no real issues.