KUM Meisterwerk (German for "Masterpiece") is the most popular sharpener among serious pencil nerds, and for good reason. The two-step design first removes the wood around the pencil core, then shapes the lead into a very fine, very long point, even more luxurious than KUM's other two-step sharpener. The blue plastic brake is removable, in case you want to shave off even more wood and go for a long-point record.
The Meisterwerk comes with a hard plastic case and a soft snap-closed pouch, so it's plenty protected in your pencil bag. Both steel blades are replaceable, and two spare blades are tucked into the bottom of the sharpener.
KUM recommends using this sharpener only with high-quality pencils (like the ones we sell on this very site.) Using it with cheap office or school pencils will just result in cracked leads, because cheap pencil leads are not perfectly centered in the wood case and they are often brittle or broken inside.