For everyday use, there really is nothing better than a great electric grinder like the WonderMill or NutriMill. However, these mills have their limitations. They do not crack grains or process courser grade flours or meals. My brother-in-law uses this hand grinder on a fairly consistent basis to crack wheat for breakfast cereal. I prefer cream of wheat, so I tighten the head down a bit to make farina. (For some reason I just love the "lumpy-ness" of cream of wheat!)
This grain mill will crack cereal, grind to farina grade cereal, grind corn into corn meal and do a medium grade flour that is good enough for bread, rolls, pancakes, etc. It takes a couple of minutes to grind a cup of cracked wheat and about 5 minutes for cream of wheat. Unfortunately it takes over 10 minutes for a cup of flour, hence the need for an electric mill if you mill flour on a regular basis.
This mill is probably the most popular backup grinder in case of emergency and also couples as a nice primary grinder for cracking your own wheat.