There are knife sharpening FAQ's on other forums and websites. This is an area for huge debate. Do a little (or even alot of) research, but more importantly, ask some knife guys in your area for help. You'll form your own opinions.
Finding the proper angle and maintaining it are always the keys to sharpening. However, there are even questions as to how sharp do you really need your knife to be (depends on what you want to cut).
BTW, don't test the edge of a knife on your thumb -- most folks don't carry bandaids. And shaving the hair off your arm isn't something a novice (or anyone else) should do, either. Cutting yourself seeing how sharp the knife is will make your wife and kids laugh at you.
Best to see if it will cut or slice a piece of paper that's loosely held.
For what it's worth, I use a Lansky system, but I've got several knives and they may require different angles. Also, I'm terrible at getting the muscle memory thing to work for the different angles for three different knives (do some research and that'll make sense).
Enjoy your knife!
-(a different) Craig