It will punch a whole stack of paper/cardstock/etc at a time, which is super handy for rounding the corner on pads or books. The extra scrap falls down a hole at the back, into a trash drawer. There is another drawer at the front for extra dies, and tools.
I got a few new blades for the cutter- namely a wider diameter rounder, and a 45 degree straight cut (possibly because I was watching BSG at the time.) In total I have 4 blades, from a very small professional curve to a nice big friendly one.
They look like this.
Each bolts on to the cutter with an Ikea style hex key. It's very important to readjust the blue guides after replacing the blade, and from time-to-time while you're using it. (If the blade is too close to the paper, or if it is slightly turned you get a small notch in the side of the curve. Look at the "S" example in the sample picture below. The curve goes into the paper, instead of going straight into the straight side.)
The blade bolts down, and them the blue guides are loosened and adjusted.I cut several scrap pieces of Crane Lettra. It does well, but with a large stack there is a little variation in the shape of the curve from top to bottom. A stack 1/4 inch or smaller works best.
These sheets were cut as a stack.Here are the 4 blades I got; M (45 degree die), S (1/8" die), M (1/4" die comes with the cutter), L (3/8" die).
One thing I forgot to mention, the cutter has a nifty hole and drawer for catching paper scraps (they will still get EVERYWHERE, I've been finding them on the stairs.) The front drawer holds some of the things you need; a couple of blades, the hex keys, etc.
The blade pieces are a bit oily- I would advise wiping them down with a paper towel before hooking them on. The oil has never been on the blade portion, so it doesn't transfer to the paper.
All in all I'm happy- my biggest complaint is the constant adjusting of the blue guides. It's worth it to get rid of those sharp edges (and so much better than craft rounders.)