Well, I finally broke it out and used it. I would say it is a just OK tool. Not great, but not a total POS. If you figure most bits are at least a couple bucks, it would take about 40 sharpenings to pay for itself. I seem to dull the small ones more than big ones, that's why I am going with the $2. The small ones seem to be harder to sharpen by eye also.
I sharpened a 5/32 bit that was trashed and drilled into the head of a hard bolt and it pulled curly cues no problem. If anybody wants a few bits sharpened to see the kind of job it does feel free to send me some.