This is basically the same as the model 120 3-stage (EdgeCraft calls it a "Trizor Edge") sharpener, but at 15-degrees instead of 20, making it more appropriate for someone with a collection of Japanese knives. It's also appropriate for converting European knives to a finer 15 degree angle (making them generally perform better, but they'll be a bit more fragile and the edge won't last quite as long between resharpenings). The first stage is a more coarse diamond stage for initial shaping or for resharpening of a very dull or damaged blade; the second stage is the standard edge-forming stage (at 15 degrees), and the final stage is a stropping/finishing stage for polishing and regular everyday touch-ups between resharpenings on the diamond stages. This is really an excellent sharpener with great versatility, since you can really tailor your use of the 3 individual stages to the type of knife you're sharpening (it's all detailed in the excellent manual).

Here's the manufacturer's description:
This new professional three-stage knife sharpener combines the strength and durability of the triple-bevel edge with the flawless, ultra-sharp 15 degree EdgeSelect® technology to sharpen both fine-edge and serrated knives. It is the ideal sharpener for converting traditional 20 degree factory edges of European and American household knives into the high performance Trizor® 15 degree edge. The XV™ flawlessly sharpens contemporary double bevel or single bevel traditional Asian-style knives as well. Featuring multi-stages, 100% diamond abrasives and patented flexible stropping discs, the XV™ creates the Trizor® EdgeSelect® edge which helps prolong the life of quality knives by applying a triple-bevel arch-shaped edge that resists dulling longer than conventionally sharpened hollow-ground or V-shaped edges. The three-stage process and efficient flexible stropping disks sharpen the edge with minimal metal removal, further helping to extend the life of fine knives. It also features flexible spring guides that provide accurate control of the sharpening angle, for the thickest or thinnest knife blades, insuring ultra-sharp edges quickly and easily. Three-year warranty. Assembled in the U.S.A.
Case is platinum-coloured (silver) like the model 130.

NOTE: be sure to read the directions for your sharpener BEFORE trying it out! It contains absolutely essential information to make sure you get a good edge and do not damage your knives.