Well, finally a thread that seems to be MADE for me!
Ok. I actually have quite a bit of experience in cutting and in sword practice. Maybe I can help...
I know alot of guys in the martial arts world who hold true to the notion that the only good swords are antiques, forged years ago using the most traditional of methods. To the Samurai, your sword is more than a weapon or training tool, it is the symbol of your pride in yourself and your family, your school, and your life.
Ok. That's all fine and good. But, for me, personally, my sword has to be both FUNCTIONAL as well as traditional. My sword means to me all of those things that it should mean to the Samurai. But, it's not just a symbol. It's also a piece of SPORTS EQUIPMENT. I accept the fact that my sword is going to get dinged up, scratched, and otherwise worn out through years of daily martial arts training. So, my sword has to be both INEXPENSIVE and REPLACEABLE, as well as functional and traditional.
For this reason, I LOATHE the practice of training with a priceless antique Samurai blade. I have watched people around me RUIN some really BEAUTIFUL blades by subjecting them to the everyday wear and tear of cutting practice. It's really sad to see, and it's sad to think that one day, if these folks continue, there won't BE anymore antique blades left for us to enjoy.
Alright. That's my rant. Now, for my money, I stick to the Paul Chen line. My current cutting blade is a 4th Generation Practical Katana. It has lasted me for over 5 years, and it's still razor sharp. They have discontinued production of the 4th Generation model, though. Now, they are making a model called the Practical Plus Katana. These are also great blades. I took one of my black belt tests on one a few years ago. The Practical Plus behaved beautifully.
The blades are forge-folded carbon steel, so they have to be oiled regularly. They will rust like CRAZY if you leave a fingerprint on one. Paul Chen also sells cleaning kits, and they make a great oil. (Look for the "Hanwei" brand name.) Several of the guys I've trained with have stories of being in their back yards, doing cutting practice, and accidentally cutting through posts for chain-link fencing. One guy accidentally cut through the gas meter on his street (noone was hurt).
The wakizashis are just as strong and well-made as the katanas. I don't know why in the world you would only want a waki-, but I'm sure you have your reasons.
I hope this helps. If you have any other questions, send me a message.