I was at Grizzly today in Springfield Missouri checking out a 2-in belt sander that's on sale. It didn't have great workholding capabilities, but it looked like it could take off a wicked amount of material. The guy said some people use it for making knives. It also had a mandrel on it he said was typically used for a buffing wheel.
I'm not sure it's something I want to get into, but it's got me thinking.