The purists don't like the CS kat's, even though they come from the same factory in China as the CAS Iberia versions (and some of the big "US" companies who sell functional katanas for rather a lot of money), because they are through-hardened instead of zone-hardened. With the difference in modern (vs. old school) metalurgy, there isn't a spit's worth of difference in performance. According to the real (bladesmith) experts, that is. Lots of good information out there; just avoid the "real Japanese swords can cut through machine gun barrels" crap. Good descriptions of real knife fighters taking on the might of the Japanese war machine hand-to-hand can be found in interesting books like "Ayo Gurkali" and "The Steadfast Gurka". Little men with curved knives killed a lot of little men with curved swords.
Anyway, back to the question.
A Warrior katana from Cold Steel retails for $550. Dealer is usually $249, although I see that some folks have them on special for near Distributor cost of $199.
A Imperial katana from Cold Steel (the same sword as the Warrior, but with a highly polished blade) retails for $879; $439 dealer/$379 distributor.
Compared to the CAS line...I've had a Musashi for a long time, and although the tuska is a bit longer than I like I'm a sucker for bo-hi. The CAS blades (all the regular steel swords) are all going for $350/dealer. The folded steel (actually made from Swedish powdered steel; very good stuff) blades vary between the low end (in the line) blades like the Tiger for six hundred, to the Kami for nine-fifty.
Cutting tradionally involves tatami mats, although I can't find them as cheap in the US as I could when I was living (and training) in Japan. Most folks use the rice "beach mats" from Walmart; usually just rolled up wet, tied, and allowed to dry...the purists will roll them around a piece of bamboo first. Stand the mat up and cut. I'm a novice at the art, and my best is doubles. The easy double is a upward cut at an angle, then reverse the blade travel and cut the already cut-off piece in half. A good hand with a sword can do a lot more...I've seen six before the first hit the floor.
A really good guy with a decent blade...uses an open tube of newspaper. Technique on tatami can be a bit sloppy and work, but newspaper has to be perfect or the tube collapses. Scary stuff.
Anyway, the CS and CAS swords come fairly sharp (and ready to cut) out of the box. With proper edge geometry (in any of several basic patterns), sharpening a katana is a function of the polish rather than, say a user-applied knife edge bevel. The cutting edge starts about the middle to upper third and rolls all the way through to the actual business edge. Neat stuff.
There are folks a lot more "into" Japanese swords than I am, here on the board. I have a fair "world-wide" collection of swords and edged weapons, with just a few Japanese and Japanese-style pieces. I also do cutting with European weapons
Alex