I have it, it works awesome.
But I will be honest with you, I actually didn't have that much trouble with the Wilton cutter ( never used it for embossing, just cutting straight lines). Once I had it tightened, I backed it off a small turn (same needs to be done with the FMM)
All I have so far is the Wilton one, and I don't get smooth edges with it either...but I've found a really easy way to smooth them. I have a yellow plastic tool that's really for clay http://www.rexart.com/product6034.html (it's the one in the middle, that works so well for smoothing). Anyhow, when I cut ribbons, I just slide the tool along the edges and I get a perfect edge 
But I do wish I had a ribbon cutter that worked better, too. This is what I want to get http://www.fantes.com/images/4412pastry_cutters.jpg
But I do wish I had a ribbon cutter that worked better, too. This is what I want to get http://www.fantes.com/images/4412pastry_cutters.jpg
I got that and hated it. The spacing between the wheels is not even, so it's awful for ribbon loops. Up to 1/4" difference, which is a pretty big deal when making bows. I contacted Ateco and believe it or not, they opened several boxes to measure the spacing and they were all uneven.
I LOVE the FMM ribbon cutter, use it ALL the time!
I know where you can get a good deal on one, too! E-mail me at:
[email protected]
Jen 
I ordered mine from www.intotheoven.com
http://www.intotheoven.com/p1354/FMM-Multi-Ribbon-Cutter/product_info.html
I have the Wilton ribbon cutter, and I hated it at first... I figured out that if you hold the handle completely upright while rolling it, it cuts MUCH MUCH better and actually gives a clean cut. Also, it helps a little to chill the fondant for a few minutes prior to cutting.
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