If I had to do it over again, I'd follow Brad's advice and save up for the Northern grinder.
But, I didn't know any better at the time, and I've been using the grinder for 2 - 3 years now, and have learned to get very good results with it.
I did have replace the plastic chain clamp with a metal piece. I do have to use a lot of "finesse" to produce equal cutter lengths, because the plastic grinder is nowhere near rigid. And the OFF switch has never worked.
The original 1/8" wheel worked fine and I still use it for 0.325" chain. A Bailey's 3/16" wheel is used for 3/8" chain, and yes, you do need a 3/16" wheel.
I'm saving up for one of the pro grinders, mainly because I want to experiment with angles that the HF can't do.
For rakers I use an FOP or a standard raker gage, depending on the application.