Greetings everyone,
I can't agree more, the belt sander is one of my favorite shop tool.
I use it a lot for sharpening knives, axes and tool bit. I find doing the tool bits on the belt sander is easier for me, maybe because I'm working against a flat edge and it also gives them a nice polished sharp edge. Breaking the edge of a part is so easy do to and quick with a belt sander. I like to sharpen pointy things on it, example I'll put a center punch or an awl in a hand drill and spin it opposite the belt and sharpen them off, not precise but it will do the job. I also do my screw cut deburring the same way.
I've made a holder to put my motorcycle rockers on a shaft and rotated the rocker to polished the damaged edge from a wrong valve geometry adjustment.
Just be careful if you use it for wood and metal, I've once started a little fire

Make sure you vacuum up the wood dust before doing some serious metal sanding.
I've bought this used, Craftsman 6X24 and 8" disc sander, for $65, 20 years ago and I'm still in love with it. My favorite shop tool the belt sander.

Phil