Well I don't guess you would go after a guy wearing a full suit of plate with it but that would be reasonably pointless pretty anyway with almost any sword type but the type XVII and even then I wonder...
There have been some interesting discussions of the benefits of different edge geometries over the years here's a post by Peter Johnsson in my opinion one of the top three makers of historically accurate swords in the world:
There are numerous things that can be varied in any design, obviously. Hollowgrinding as opposed to diamond or lenticular section is one of these.
As far as cutting goes, I´d guess that the shaping of the very sharpness of the edge and the overall distribution of mass and balance of the sword are more important factors in the performance of the weapon.
All cross sections have their strong points. There are reasons why you´d want to use any and all of them. I won´t go into all that, because this post would then become a very long one...
My take on this fascinating topic:
One benefit of hollowgrinding, apart from promoting a stark and crisp looking blade, is that it reduces mass to a bare minimum. All "dead meat" is taken away. The very edge (the last two milimeters or so) can still have the same strength and geometry as on a lenticular or diamond sectioned blade, but the sides are hollowed out which reduces weight dramatically. The raised midrib establishes a higher degree of stiffness with same amount of material as that of an equally broad blade that is thinner. Stiffer is better for cutting. The question of added friction is not a real issue as most targets that are meant to be cut by a sword are not very homogenous or dense to begin with.
Hollow ground cross section is almost always found on blades with prominent points. This section is good in combining good cutting and superior penetration performance.
Hollow grinding is good for making blades with relatively lighter points, that still are stiff and strong enough for efficient thrusting. This might be one of the hidden reasons why the extra work is a good idea: A light point helps pulling the pivot point forward! A sword with a light point area can have a pivot point that is located just behind the very point. This is good for at least two things. Frist, it helps keeping the point locked on target while "fencing". Secondly, it makes the point area of the sword becoming more efficient in cutting, as the corresponding pivot points in blade and grip are what creates shock dampening.
Finally, a light point takes little effort to accellerate; such a sword will be faster and more responsive.
...But then again, there are other ways to achieve that as welll...
It's been copied here without his permission but I thought it an interesting post... The emphasis was added by me.