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.
me: I don't drink anymore
Yelonutz: me either, but, then again, I don't drink any less