For stripping paint I like to use this http://www.makita.com/menu.php?pg=product_det&tag=9227C with a hook and loop backing pad and either 50 or 80 grit sanding discs. It's variable speed and works nicely. I sometimes then go over it with a D.A., either air or electric. Those pneumatic DA's are terrible air hogs, unless you've got a pretty good compressor.If you purchase something like the Makita, you'll also have a buffer when you're finished painting.
But there really is no one way to do it. I'll use a 4 1/2" inch electric grinder with sanding discs, wire brushes, etc., a small right angle die grinder with 2" or 3" discs, a straight die grinder with a small wire brush, those Strip-It discs that look like a brillo pad, and sometimes it just comes down to a piece of hand sandpaper.

Bob