Err, maybe I'm a bit late with a reply here, but over the past 6 months I got the Zatoichi, a Practical Katana (PK) and a Practical Plus Katana (PPK).
Now, the Zatoichi for what it sells for is a decent deal. Lately the quality of Paul Chen swords improved a bit, and the fit and finish of my Zatoichi were really nice. It does have a crude matte blade finish and the machined temper line on it, but it came sharp enough to slice paper with no effort, and after significant amount of cutting light targets it is still alost as sharp as when it first came in. The blade geometry on mine is very even, and the kissaki is beautifully shaped too. That being said, I agree with the previous posters about the balance of the sword: it SUCKS! The thing handles like a sharp stick and it is so tip-heavy it makes me wanna cry. I did some cutting in reverse grip, and it felt a bit better that way, but still it is nowhere as nice as a PK or a PPK. Oh, and the wood on the scabbard and the handle is very soft (nicks easy even with my fingernails), and it's very slippery too, so in sweaty hands the thing starts to rotate during a cut.
However, now I am pondering about removing its handle and making a new handle, to make a hollywood-ninja-like sword out of it. The weight of the tsuba, fuchi/kashira and the menuki on the 13" handle I plan to make should shift the point of balance closer to where it should be, but it is still a straight blade...
Sooo, do I regret buying it? Nope. For what I paid for it the Zatoichi is a very neat and useable sword. It cuts and although it doesn't look too refined it also makes a nice conversation piece, especially on a nice stand. Does it compare to Orchid katana or even a PK or PPK? Nope, not even bloody close. But then again, even a PK costs almost 2X more than Zatoichi. But I've no regrets with the Zatoichi, it is the one sword I own that I don't worry about destroying, and if I manage to customize it and repolish the blade, it'll be a very fine specimen.
Oh, and if now after owning the Zat, PK and PPK I was presented with a chance to turn back the clock and change what I bought, I would still buy a Zatoichi, pass on a PK and get a PPK. Zatoichi is just cheap and fun, and PPK is more traditional, cuts well, doesn't cost a fortune and can be taken apart unline the PK.
And finally (yes, I know I am a real windbag tonight), I took apart my PK and am in the process of modifying it. New handle, real rayskin, real silk wrap, new fittings in Bamboo motif. Overall the PK now cost me the same as a PPK...
