Huge fan of the inexpensive grinder, white/pink/blue wheel (120 grit), and Wolverine jig with varigrind setup. This setup lets me sharpen anything I've got to pretty much any grind configuration, with the exception of my skew, which I hand sharpen on a wet stone. If you want to chuck the extra bucks, you can even get a skew attachment for this rig.
Lots of folks still hand sharpen or freehand on the grinder pretty much exclusively. If you're into sharpening as an art, by all means go this route. If you're into turning, and sharpening is something you do to make your tools work well, I'm more of a fan of the sharpening rigs. They take the guesswork and large amounts of practice and skill out of the equation and give you an extremely consistant grind with minimal tool wear.
Well worth the $150 investment.
Dietrich