I have a Colibri lighter with a punch cutter on it, but I never use it. I tried it out once, and it worked fine, I just don't like it (never been a big fan of the punch cut). The lighter still works fine (because I rarely use it), but I tend to stick with the $2 lighter and a Palio.
I guess it depends what you are looking for, convience, or quality. I have never seen a lighter cutter combo that struck me as being a qulity piece, but there may be some out there.