There are, as I understand it, three types of villagers...
The most common is an unpolished, rougher version of standard models. These tend to be sharper than the polished models out of the box. I've thought this was because the buffing process creates a fold-over of the edge (if you run a fingernail from spine to edge parallel to the edge, on one side the nail slips right off and the other it catches). A couple runs of the chakma seems to get that piece off. I think someone else posted it takes a couple sharpenings to get to the 'good stuff' on a standard model... These are fully warranteed like the other HI blades. Aesthetically, villagers are a mixed bag. Some look really great with the non-mirror finish. I'm particularly fond of the unpolished horn and non-mirror finish look, particularly on the pen knives and rounded tip WWIIs. Unpolished horn is great to hold onto, feeling almost like a rubber grip. The walnut handles look and feel particularly good unfinished as well on a villager.
There are also HI blades that are listed simply as villager without being one of the HI blade styles. Aside from the style, they are similar to the other villagers. I've only seen one or two of these posted.
The other type were models produced by local non-HI kamis that were purchased and sold by HI with a warranty on the blades, but not the handles. I don't know if this is still done, but I haven't seen one posted since I started here in August.
I think this is accurate enough...if not, I'm sure someone will be able to correct me...