I'm new but I'll add my 2 cents. I like to keep a soft (medium) Arkansas stone in that pouch, and a hard (fine) one as well if you can fit it. Just make sure you get one from a quality manf. like Dan's Whetstone or Natural Whetstones.com, both in Arkansas. I have a DMT diafold but find the diamonds dont sharpen as well as stones, maybe I'm just old school. It cuts quicker but most of the time you dont really need to cut you just need to touch up. I still carry it along with a diamond rod incase of a dent or rolling of the edge. As far as lube, I like just plain old water. It lets the stone sharpen well while still providing lubricity. I find oil kind of lets the blade slide on top of the stone too much and doesnt sharpen as well, IMO of course.