I've got one and I am not that pleased with it. I have switched to a metal lathe and need a grinder more then a sharpener. A few of the guys around here swear by it, but it isn't designed to grind bits. I need to trade it in for a grinder!
You are right. It is for sharpening. I have the 10 inch and I use it for my lathe tools unless I need to grind then I use the wolverine jig and 8 inch grinder. Have pink wheels on it.