I find that I can do a better job of getting an exact cut every time with a punch, other than on torpedo cigars (even then they still do the job!).
If the hole is too small off the initial punched hole I just widen it by nibbling away with the punch to make the circle bigger. For a larger ring gauges I make a kind of 4 leaf clover shape adding "petals" to the initial hole.
I get the benefit of getting as close to my ideal of a draw each time, and I still get the neat shoulder feel of the cap on my lips compared to a cutter. I'm yet to damage a cigar that way, no little bits hanging off and my chocie of hole size.
