Heya Horseclover...
If you look at Japanese sword constructions, there are a number of laminate techniques, which are different from simple high-layer forge-welding (which also was done, and is what displays the hada or grain on the swords' surfaces). The most well-known to Westerners is honsanmai, or just sanmai to most. Many think it is just one piece of steel for the edge and core with 2 sides on it (after all, san = three...so it's 3 pieces right?) This isn't entirely correct.
There are a few different types of steel, categorized predominantly by carbon content (since nearly all tamahagane was extremely low-alloy, "simpler" than 10xx grades). Shingane was soft steel or mild steel/iron. Kawagane was midrange steel, which was hardenable but would not be as optimal as Hagane, which was the high carbon steel suited for edges. Forge-welding all these together into a high-layer billet would result in very thorough carbon migration, which may render the overall sword lacking in edge retention (one reason I speculated that high edge-hardness was a priority to Japanese swords).
Forge-welding pieces of similar steel together did help homogenize the piece, but you don't need to forge-weld a bar of steel to homogenize its carbon distribution! Trace elements were more evenly spread throughout the billets when high layer forge-welding was implemented, but the primary objective was still to remove impurities from the tamahagane, which was relatively dirty.
Honsanmai actually has a core, edge, and sides (4 pieces). If you would like to see some nice "sketches" depicting a few laminate constructions...
http://www.geocities.com/alchemyst/laminate.htm
Like I said, the main difference between these "grades" of steel was carbon content. While carbon migration still occurred, I do not believe it was rapid enough to homogenize a laminate sunobe. This allows for a way to implement a large amount of moderate and low-carbon steel in a blade without pulling away too much carbon from the edge.
Even in the Nihonto world (and actually in Japanese swordmaking too), many people *assume* that things like laminate constructions were to make superior swords, even if it wasn't necessarily the case.
Of course, there's nothing WRONG with them, unless they aren't made very well. The biggest problems are welding flaws between pieces, which may not be visible as they are under the surface. However, if they are made and heat treated well, they can make excellent swords, just as single-steel blades can.