I haven't used that particular version but I have owned two other versions that are basically the same - knife clamped or held in position and stones at fixed angles are used. They all work, how well they work depends on the quality and availability of the stones and how well the knife is held in place.
That kit only goes up to 1000 grit, so that will limit the sharpness you can achieve. For my sharpening now, if I am working a knife in good shape I will start at 600 or 1000 depending on what shape the edge is in and go up. Some people are happy with 1,000, it will get it pretty sharp, but you can certainly get a much more refined edge if that's important to you. For my daily kitchen knives, I use a quickie sharpenr as I want it quick, don't care if it wears the knife out faster and don't need a razor edge. For filet knives and sushi, I need much more sharpness, so put in the time with stones.
I would also look into a leveling stone to make sure you are keeping them flat, smaller stones like that will tend to wear more quickly than larger ones.
