I use a burr grinder designed for coffee, it is small, cheapish and does a fair amount of pepper in no time. I also sift my pepper and get rid of the dust, use only the particles. Of course, since I am using a burr grinder, there is not a lot of waste.
That being said, I really like the blended peppercorns that Kap'n uses, those add some great flavors.
I'm feeling bearish, and I'm packing a Wusthof Grand Brisket slicer from MABA
"I'm Armenian...perhaps...but then again...maybe not..."