Bench grinders? Wow! Far too much power IMO and very hard to control. And from what I've seen metal brushes will polish more than apply a satin finish. I don't know, maybe the people here are using them differently. One thing I do know is never use a carbon steel brush on stainless. You're inviting your SS to rust. Always use a brush with stainless steel wires on stainless steel.
I use two methods. People talk about good results from a simple scotch brite pad. I found better results with a Microlon pad from ofrei.com since it seems easier to vary the results.
http://www.ofrei.com/page595.html
It is listed for Titanium (which it works wonders on -- titanium scratches like a mother), but have had superior results on SS as well. Just remember three things. First, slow slow slow. Gently apply the pad and take a little off very slowly at a time. Second, go only in one direction, one way (i.e. not back and forth, just up lift up lift up lift). Third, invest in a triplet loupe at least 21 mm wide and 10x power. As you go along examine the brush marks closely to see what you are getting. While to the naked eye it might look good but if you examine something under a loupe you can see where you are messing things up. It is at this level where the difference between a nice finish and a hatchet job is done.
Second method. Dremel tool. A couple of things to remember. You DO NOT want a dremel tool that buzzes along at 20,000 RPM--disaster waiting to happen. It will take far too much material off too quickly. You need something that will go down to around 5,000 PRM. I use the 10.8V Dremel Lithium-ion Cordless variable speed dremel at the lowest possible setting and that is good. I use 511E EZ Lock Finishing Abrasive Buffs - 180 & 280 grit (2 Pack) attachment wheels. These are an abrasive sponge material from Dupont. Again, superior results.
Always remember that you are removing material from the watch. It is easy to apply more scratches but impossible to put any material removed back on the surface. I cannot say it enough, slow slow slow.
It is surprising what a fine art "scratching" metal is. Get a hunk of an old SS bracelet of some sort and start experimenting. See what results a variety of materials apply.
/Tim