I agree with the earlier comment about not buying a big block of knives. Every cooking and knife skills class I've ever taken has reinforced the idea that most people need only three knives: a chef's knife, a slicing knife (I use a small chef's knife for this), and a paring knife. A serrated bread knife (also useful for stringy veggies like artichokes) would be the fourth, and that should be the only serrated blade in the kitchen. Go into the kitchen of a serious cook and you will almost never find a big block of knives on the counter ... that is just sales theater to make people who don't cook feel like they're chefs. So regardless of whose knives you buy, please resist the urge to buy a set.
My go-to knife is my 6" carbon steel Moritaka (Japanese) chef's knife. It takes a frighteningly sharp edge with a light pass over the honing steel, but I do also have a larger Wusthof chef's knife that I use for heavier tasks like deboning a chicken. Except for my bread knife, all of my knifes have traditional (non-serrated) edges that I hone regularly with a honing steel, and sharpen occasionally with a stone.
As for Cutco: their "secret sauce" is the "Double D" serrated edge. In truth, every sharp knife has a serrated edge, but with most knives the serrations are microscopic and can be re-honed with a few passes over a honing steel. As some have noted, the cutting edge of a Cutco knife has a fine serration machined into it, which cannot be honed or sharpened at home. Whether this is better or worse than a more conventional edge is a matter of opinion, but I do bristle at the idea of not being able to sharpen it myself. That said, I would put my 8 year old 6" chef's knife against any new Cutco blade, and my blade will provide a lifetime of service without ever having to leave my kitchen. I think I paid about $75 for it ... a pittance for a tool that will outlast me (and especially knowing that it came from a company that has been making blades for over 700 years).
I think a lot of people get turned off by the idea of honing or sharpening a knife, and I'm guessing that this is the reason that Cutco has strong appeal for many. The aggressive sales techniques employed by Cutco's representatives really turn me off, but that doesn't make their blades any worse. I've used a few Cutco knives in my friends' kitchens, and they've always worked fine for me, but I wouldn't go out of my way to buy a knife that requires proprietary sharpening.
By the way, the best thing I ever did for my cooking skills was to take a knife skills class. That one day of instruction transformed my cooking, and it has provided me with a great foundation on which to develop other culinary skills. This is an investment that will make any kitchen knife purchase a more satisfying experience.
Mike