Polished blades.
Pros
Looks nice
Cons
Because it looks nice, every flaw shows and makes it look bad.
Very difficult to keep shiney unless you have the proper tools.
Surface rust forms much faster and easier.
The polished blade "can" be softer.
The edge of a polished blade is "usually" softer until you sharpen the softer material away. (as Cpl mentioned)
I can only think of two reasons for a polished blade. One is ceremony, usually associated with the military service. They keep a shined one for inspection and a satin finish to use. Second is for the tourist/collector markets where you have people that intend to only display the kukri.
The life of a polished "user" would be to start out shiney, then turn satin and ultimately a natural satin patina. I normally take a ScotchBrite pad to mine after each use with some WD40 or whatever I have handy so my blades pretty much keep a satin finish.
There is certainy nothing wrong with keeping a few special HI's as show pieces. I can't seem to bring myself to mess up my horn M43, its just too nice. Plus I have others like my WWII and Bonecutter, which is my main HI workhorse.
Good luck!