I have done a bit of freehand sharpening with just a round file, but I tend to get mixed results. Lately I have been using an Oregon Chainsaw Chain File Guide, and it seems to be working much better than my freehand method. I think that the main benefit of the file guide is that it supports the file at the proper height and prevents it from working too far below the cutting edge.
I did get one of the Oregon bench-mounted grinder sharpeners, model 410-120, but it is not as good as advertised. It's a little finicky to get it set up properly, and it doesn't do a great job of positioning each tooth at the proper position for grinding. They went a little too cheap on the flimsy parts that position and clamp the chain for sharpening. It's also easy to grind off way too much tooth on the smaller chains, if you're not careful. Given the issues with this "brand name" grinder, I can't imagine how bad the HF sharpener might be.
All things considered, I think that I'll stick with hand filing as much as possible, using the file guide.