I use the Dremel on housings all the time, but not so much on cables anymore. I think the really skinny but breakable cutoff wheels handle cable better than the thicker, reinforced ones. Nasty tendency to shatter, however....
I have a pair of the Shimano cutters and they work very well indeed..... The department bought 'em for me though.

I've used everything from really cheap (read, Walmart) cables and housings to Shimano Dura-ace sets. The Dura-ace are very nice as you get everything; the cables, housings, all the little cable-end bits and even the cable end-caps.