I guess I've just had some bad ones Simon. I've always touched up my HSS metal working tools with a small slip stone as the guys at work used to do. The machinists always kept one in their pockets.
I bought a new wood turning lathe a while back and joined a local wood turning club. They bought a job lot of small handled diamond stones that many of them seemed to use but I found it very "scratchy", perhaps if it's worn in it will be better but I still prefer my slip stone.
I've also heard a couple of times that diamond isn't ideal for sharpening steel but I don't want to get into that argument!