It works just fine. Make sure the cutter knows that they need to cut slower than normal (aka more $$) and to put a layer of masking tape along the cutting path helps on the feathering edge. Clean up with a fine grit sandpaper is needed along the edges.
Thanks Tyler, my local water jet source was out of town this week so I couldn't ask. The project is five fingered wheel center caps, I was contemplating doing it by hand but with 4 it would take a little time.
Pretty cool idea. Good to know it works - and surprising! I can think of a bunch of possibilities off the top of my head for where this could really come in handy.