Yes, you can also use this to re-set the edge of a German style knife with a 20-25 degree angle to a finer 15 degree Japanese style edge. With really old knives which use softer metals this can be a problem because the sharper edge will be weaker and so more prone to dulling quickly (and potentially getting damaged if misused), but with today's more modern German knives, I don't think it's a problem for the most part, and can result in a knife with a sharper, finer edge (especially nice for slicers and other naturally thinner blades).

Here's what the manufacturer has to say:
The ultimate sharpener for all Asian style knives, the Chef’sChoice® Model 315S allows you to quickly and easily puts a factory sharp, precision 15 degree edge, on double bevel or traditional single bevel Asian knives, sashimi knives and even thick “Deba” style blades. The Model 315S uses highly precise spring knife guides to precisely control the sharpening angle of the thinnest to thickest Asian blades, resulting in incredibly sharp and durable double bevel facet edges. You can also use it to create an Asian edge on conventional European or American style blades. Its two-stage sharpening process features 100% diamond abrasives in stage one and a patented ultra-fine flexible micron-size abrasive in stage two. Two-year warranty. Assembled in the U.S.A.