Sharpening (stones, strops, etc.)

[Strichev]

I'm looking into buying a few decent whetstones to replace the two cheap ones I have right now, but the selection is overwhelming. I'm not 100 percent decided on whether I want to buy a more expensive stone or not. I'm thinking about something in the $50 range.

Anyway, the internet is flooded by people that are really into sharpening Japanese knives and I can't help it but it seems to me that most of them recommend stones that are way beyond the point of "normal diminishing returns" in terms of price/quality. While I certainly don't plan on dishing out 200 €, I do find the subject interesting.

So, what do you use or recommend?

[DC]

I'm interested in this too. Some people will spend 3 or 4 times more to get the "best" even if it's only 5% better than what's in second place.

[Bayou Ben]

I got really into sharpening about 5 years ago.  Bought a whetstone and a dual sided large diamond stone.  I think I paid about $70 for each.   
Fast forward to now, I only use the diamond stone and I wouldn’t have bought the whetstone.   It may be good for Japanese knives, but for the woodworking I do the dual sided diamond and a home made strop is all I need.
Making your own strop is easy and you can customize it to the tools you use.  Get a flat board and glue some leather to it.  Then rub the leather with a fine grinding compound (the green one).  If you have an established edge, use both sides the diamond, then strop and you’ll be shaving hair.
I find the diamond more rugged, and I don’t have to worry about babying it, and it’s quick.  That’s my experience. 

[1442]

I brought this large size EZE LAP diamond grit stone about 15 years ago.
It sharpens as good now as when new and it has me spoiled. 400 grit on one side and 1200 grit on the other side. They offer different grit combos too.

[sleek]

I just roll down my window and use the rolled edge on the window.

[Woodely]

I'm interested in this too. Some people will spend 3 or 4 times more to get the "best" even if it's only 5% better than what's in second place.

True enough they think that name brand is always much, much better when in fact its not.  Lots of tools are like that even power tools.  I spent $20 on an electric Drill 2o years ago and used it side ways upside down and enourmus strain on the bearing sideways and yes its worn out but still going.  I know for a fact that the bearings on a name brand drill would of been worn out as well.  I have rebuilt lots of electric motors.

[Hawkdancer]

I have a Lansky diamond set, some  DMT cards, a 3 stone Arkansas set, and a piece of flat ceramic, as well as several home made and commercial strops, they all get some use depending on what I need to sharpen.  I even use my diamond bits with my Dremel tool. Ben and 1442 have the right idea, oft times less expensive works just as well.  What works best for you is what to use, if it fits your budget.
Hawkdancer

[Mesophilic]

I'm a big fan of Edge Pro and I use replacement stones from Comgress Tools.  I do enough sharpening in a year that I really couldn't llive without it.  I know it's outside of your price range, but thought I'd throw it out there.  Puts the Lanskey to shame.

There's knockoffs on the big auction site.  I bought one for kicks.  The plastic  is thinner making it less sturdy and  the screws stripped out right away.  The stones that came with it weren't very good either. 

If I'm cutting s new edge I'll work up from 80 grit to 1000, and then strop with green compound.