I sharpen chisels and/or planes almost every day but not usually in my workshop. I chose Smith's honing solution about six months ago and am happy with it. The decision was made based on the fact that Smith's is not oil based: it is water soluble. Since I'm mostly on the go and reliably wash/rinse/dry, I'd rather use a water-based solution. Vaseline provides slightly better lubrication, but its real benefit is that it doesn't dry out. This material dries quickly, which is particularly annoying with porous stones. However, I think a lot of people will benefit from how easy Smith is to work with. What I liked about Smith is that it pushes metal particles straight out of the pores of your stone and if you can keep the stone moist it will never clog. The only real downside I see with this material is that it needs to be available in large quantities. I'd be happier with an 8 ounce for $6 or $7 if available, or a 16 ounce for $12. Small bottles make you feel a little mean and you really have to use them freely.
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