The Wishblade is very versitile - it will cut almost anything you want it to. However, because it can do so much there is a learning curve. The good thing is that you can start using it without a lot of prior knowledge. Cutting basic fonts and dingbats is a breeze. You can then begin to master all the other things that you can do.
I actually have the old machine but I bought the new software when it came out this Spring. The new software actually takes some of the difficulty out of doing some tasks like welded words and tracing clip-art. Before we did have to use two other pieces of software to do this, but the new software will do it for you. In fact, all you have to do to trace a .wmf clip-art is simply drop it in. The new software takes care of the tracing automatically. The new software also controls the machine much better - it cuts a lot faster and the grinding is diminished somewhat, anyway.
I highly recommend this if you have the money. I have been very, very happy with mine.
I have to add one more thing to this. Buy your supplies here at scrapbook.com and NOT directly from Xyron. I've done that out of habit for the year and a half that I've had my machine and had nothing but headaches. Scrapbook.com is great about their shipping and tracking so stick with this site! :)