Let's be frank- nobody likes stripping wire. It's just one of those things that's a pain to do so when you find a simple, inexpensive tool that does the job right it makes things so much easier.
I was looking for a new wire stripping tool and stumbled across the Pro'sKit model CP-080E. This tool is just unbelievably inexpensive and it works great. You can adjust the length of the wire strip by moving a slider and there is a dial adjust for the blade pressure. The mechanism is self adjusting according to the wire size you're stripping. It will even strip 8mm wide ribbon cable, which is really handy when you want to run ribbon cable to a bunch of LEDs or make ribbon interconnects between circuit boards. These aren't meant for stripping thick gauge wires but for anything between thin ribbon cable to heavier servo leads they work great. They say the range is 12 to 24 gauge wire but that's probably pushing it a bit- 16ga is probably as big as these can handle.
I know there are high end automatic strippers as well as heat stripping tools but for the hobbyist that doesn't have a lot of money to spend you can't go wrong with this tool.