Wow! I had no idea how much the Zutter was. I splash money around pretty freely on this hobby, but I can't imagine spending $40 on something when I can use a nail file, my fingernails, scissors (as Cassie said), or my $2 Making Memories edge scraper to achieve the same effect.
I've seen Youtube videos of the Zutter in action which looks like it has its uses if you want it fast but for paper edges I just use my nail and the edge of my Slice Spatula. I just saw in another post someone suggested using a Zester to distress.