I use a Xikar 008 punch probably 90% of the time. The 008 has a fairly large bore that allows a good draw. I also have a couple of cheap punches I use when I'm traveling.
The only problem I run into is when I occasionally leave the house with a torpedo, and forget to bring a cutter with me. I've done that at least three times in the last year.
Those are the times I'm glad I also carry a sharp pocket knife.
As far as the Palio, I have one, use it the other 10% of the time, but usually just prefer a punch. Different strokes, ya know.