The harder the thing you are drilling, the larger the point angle needs to be.
118 is typical for mild to semi-hard steel (what you are drilling holes in), if you are using the bits for alumnium, or wood, you can use even a smaller angle than that. The trade off is a flat (large) angle makes it harder to start the drill (assuming you don't bother with pilot holes) and the drill has to be feed more slowly. (use 135 if you drill high speed steel, assuming you can actually sharpen a HSS bit with that thing without lighting it up like a christmass tree and taking all the temper out of it)
If you generally use a pilot hole, you can use a smaller angle, which will increase drilling speed. If you are one of those folks who likes to start 1/2" holes in high speed steel without a pilot hole, and you hate watching the drill bit wander around all over the place, use the split point. ...(split point drills were developed for deep drilling where chip buildup is an issue, but it also helps you to center the drill when starting a hole, and for keeping in the center of the hole when you are drilling without a pilot)
Once you get used top the idea of sharpening drill bits instead of throwing them away, learn how to do it with a stone, it wastes less of the bit, and you can do better than the machine ;P