There are three basic types of cigar cutters:

Straight cut (Guillotine)

The straight cut is the most common, usually used on cigars with a smaller ring gauge. This cut uses a quick straight cut causing both
ends of the cigar to be exposed. The double blade guillotine is preferred by many aficionados over the single blade, because it usually
makes a cleaner cut. Cigar scissors are also used to make straight cuts, and may be the best choice for cutting the cigar with exactness.
However, the guillotines are usually the most practical, the least expensive, and can be easily and safely carried in shirt or trouser
pockets. Most prefer this cut because the entire cap end is exposed allowing for maximum smoke to exit with only minimum buildup
occurring around the edge.

Punch cut

There are three basic types of cigar punches, a bullet punch, Havana punch, and multi-punch. The bullet punch is a bullet shaped device
that fits on a keychain. The punch can be twisted to expose a circular blade, used to cut a hole in the cigar cap. This cut is preferred by
some, as it exposes less of the filler and binder and reduces the chance of tobacco ending up in the mouth. Critics of this cut maintain
that the smaller hole does not allow as much smoke to come out and the hole is often clogged with a saliva and tobacco buildup. One
problem associated with these otherwise handy, durable and inexpensive devices is that the unscrewable top is easy to lose, leaving the
blade exposed in the user's pocket. "Havana punches" offer some of the same convenience but with more safety. Rather than an
easy-to-lose top, the blade is recessed and springs out at the push of a button. Multi-punches offer different-sized punch holes for
different sizes of cigars.

V-cut (a.k.a. notch cut, cat's eye, wedge cut, English cut)

A rosewood sided dual ended cigar cutter by J.A. Henckels capable of making both straight cuts and V-cuts
The last of the most common type of cuts is the V-cut. V-cutters look like guillotine cutters, but cut a wedge into the cigar cap rather than
completely removing it, creating a clean-looking gash. Good V-cutters penetrate deeper into the filler than straight cutters, and some
smokers prefer them for thicker gauge cigars. However, cheap V-cutters can result in sloppy cuts too deep into the cigar, which result in
an uneven burn.

http://en.wikipedia.org/wiki/Cigar_cutter
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