We've cut parts in steel using a plasma cutter. We haven't had any problems with the parts - they were cut very accurately. Occasionally we have to drill a small hole out though because the plasma cutter doesn't recognize it enough/give it enough power. I think that is due to our configuration of the device, some setting we need to change somewhere.
On a side note has anyone ever plasma-cut aluminum? We were planning on doing it sometime this week and could use some pointers.
Here is our frisbee-launcher being cut this year
http://www.youtube.com/watch?v=RUpf_stUnaw