Personally, I enjoyed Cut thouroughly. It was the first time I've seen a theatrically release Australian slasher flick. A genre normally restricted to the mainstream hollywood films.
With all the usual cooky comedies and dramas coming out of Australia I loved being able to see a homegrown horror movie that wasn't a rip off of anything. I didn't even think it was really a spoof of other movies. It was a supernaturally theme horror like Nightmare on Elm Street, not Scream or I know What You Did Last Summer and therefore there was more of a suspension of disbelief. I think it's about time Australian films tried to get more into the mainstream genres.
Cut was original, scary enough and ultimately just a bit of fun. I'd give it seven out of ten and wouldn't treat it as anything serious. It did what I expected it to do, entertain and scare me enough times to be satisfying. I enjoyed it.