It will take longer for soft stainless on waterstones. Victorinox is one of the better ones. I would say it takes only 2-3 times as long to sharpen. It definitely makes a burr. I sharpen mine at 15 per side. If you use proper cutting board and storage, edge retention should still be ok. Thinning that knife behind the edge made a huge difference also.
In my experince, cheap stainless takes forever to sharpen and Wusthofs also take forever on waterstones. What grit are you using?