I've got the Stanley 51, I spent an afternoon with finer and finer grit emory cloth on a glass plate to get the sole really trued up flat and smooth. I spend an hour or so once a month sharpening kitchen knives and wood working tools, so I just add the blade to the pile. I found that I do not have to sharpen much once I got a really good edge, most of the time I just run it across a leather strop that has been rubbed with a polishing compound.
I have learned more tricks for getting good results just by using the tool on everything I can get my hands on. If you have grain reversals (and who doesn't?) just work outwards from the middle of the problem spot. Problems with chatter? Tune it down to take less and less material, and keep changing the angle of the blade across the material (lead with the left side, then lead with the right side, etc.). When reducing the thickness of a limb, I don't try to make a level cut across the whole limb, I angle the tool to take off one side, then the other, then the middle...taking less material per stroke is much easier than trying to hog it off in chunks. It can be a fine tool or a frustration, and often I lay it on the bench and take up my heavy farrier's rasp when I cannot get the results I want. Ultimately, I wouldn't get much done without it, and I think it is a good basic tool to buy when you start out.
My tool kit could be reduced to my tomahawk, spokeshave, drawknife, buck folding knife for scraping, and a pocket knife. And for that matter I could probably get by with just the drawknife and spokeshave.