I was asked this random question when setting up my profile. Thought I'd share my opinion regarding this subject.
Paper, big deal.
Not really, no. As a matter of fact, I can never understand why it seems like such a big deal to many people. I mean, sure it hurts, but there's many other things that is much more painful. If it's about the blood, heck, I've seen too much of it to be really bothered anymore (from a combination of nose bleeding for no reason, to be exceptionally clumsy), unless it's hardcore gore, of course, which is quite disgusting. In fact, the only plausible reason why paper cuts could be so terrible of an experience wouldn't be physical at all, but rather psychological.
Like I said, there's much more things that could hurt you more than being cut by a piece of paper, but that's just why it sucks that much more to be hurt by it! Think about it this way, of all the damned things that could have not only cut you, but also make you bleed, it just had to be an apparently harmless piece of paper! A damned piece of paper not only cut you right open, but also made you bleed and feel surprisingly painful!
Damn you paper! Damn you to hell!!
... ahem! Although I regret the overreaction, these basically is my thoughts on paper cuts.