It works really well! I used to oilstone (or Lansky) everything to get nice V grinds, but you ended with your hands covered in nicks and dirty hone oil.
I use my stones dry. I found the easiest way of cleaning them is to scrub them with a dry green scotch-brite pad. A couple rubs and it's all clean. For cleaning ceramic rods, I use a regular pencil eraser. Quick, easy, and it works great.
