I have both and i think they are both wonderful in the correct circumstances. I use my punch with cigars with such a large ring guage that I can't cut (some nubs etc) or when a cigar tends to have a looser draw. I cut in almost all other situations. I guess I prefer cutting, but the punch comes in handing quite often.
I actually punch parejos in the smaller gauges, because I have a smaller punch. I lick the cap well to get it ready for the punch, and it's very reliable. I do the 4-leaf clover method for larger gauges. On mid-sized parejos, I'll start with a punch, and draw-test. If it's too firm, I'll either punch out a bit more, or switch to the cutter, depending on how much looser I need it to be. Even the large ring gauge parejos (like Nubs) can be crammed into the cheap guillotines, and you'll never get it on far enough to take off the cap
I do it a bit diffrently. I start off with a punch and draw test, if its not to my liking i cut. On small rings i notch and that works out really well because my notcher is uber-sharp. I like punching more than cutting (unless a torpedo or belicoso) because it doesnt damage the head as much....but i have a Xikar cutter on the way which may fix that. The experimentation continues....
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