Personally, and as anyone knows who reads my stories, I prefer busting, above all. I like the intensity, the drama, the tension filled build-up to the main event - popping one or more testicles.
However, as I explored in Experiments II, cutting can be sexy too, as long as it's done with care. What I found in writing the end scene was - if I turned the cutting part into explicit torture, instead of just lopping things off and making it quick, it simply became a more terminal form of testicle torture, ala BandyMandy's The Torturers Apprentice series
And for me, this brings the issue I have with cutting stories - they're usally too short and move to the punch-line too quickly. Most of them are . . . . hospital, threat of castration, local anethstesia (where's the fun in that), snip, and done. Erm. But where's my story? Where's the build-up where the buster is enjoying the pain their inflicting, and the bustee savoring the last precious minutes of his manhood?
However, most of the EuA stories are, in fact, cutting stories, and most of them are perforce short. So, if anyone out there is a fan of the pure cutting oevre, please let me know what psychological sweet spots it hits, and what the cutting vs busting themes do or don't do for you.