The four sided stainless one works great when you need to grate a mass quantity of cheese for a recipe you're making, but for serving at the table, one of these does the job.
We've had one for about 15 yrs., and it works well. Load it up with some fresh cut Parmesan or Romano, and bring it to the table so everyone can dispense as much cheese as they want, with no mess.
What is this pre-grated cheese you speak of?