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Japanese Waterstones are superior to both. The more friable abrasives cut faster and cleaner allowing less effort to acheive a superior edge. Also using water for lubricant is far less messy than oil. They are available in finer grades than are generally available in diamond or arkansas stones. Their only real disadvantage is that the stones must be flattened more often. Situations where a complex stone shape is crucial is the only place I would prefer ceramics or others to the waterstones. I've extensively used arkansas, india, diamond and ceramic stones as well as the water-stones and to me it's not close, the waterstones are far superior.....DJ