To me, it just seems too random as to what they will grade and what they wont. I think their policy should be Hand Cut=Authentic regardless of how well little Johnny learned to use a scissors in kindergarten.
Here are two good examples.
The first card is cut, but PSA graded it.
http://www.ebay.com/itm/1955-Johnsto...item4aaa940abb
This card they just gave an Authentic to.
http://www.ebay.com/itm/1955-JOHNSTO...item3a646385a1
Sure it says on both cards they are hand cut. But why the grade for one and not the other? The borders are almost identicle.