Buy 180- and 240-grit belts and you'll be set for serious knife sharpening. Plus, you can use the belt sander to grind other tools like axes and chisels, and to sand small woodworking projects.
Sharpening stones and diamond whetstones ... This drill/driver combo belongs in every woodworking tool kit. Think of these as support tools, not for making joinery but for screwing in drawer ...