So, Admiral and I sailed as crew/guests on a friend’s IP 37 (Cutter) from Tierra Verde, Fl to the Dry Tortugas and back, a few yr ago. Plus, my dock neighbor (slip next to me) of five or so years had the IP 380. They are beautiful, well crafted yachts. But, they are very slow in light airs. Cutters are not great for day sailing if there is much tacking involved. The cockpit of the 37 was fully enclosed which was much appreciated when the T-storms came through nearly every night at Dry Tortugas.
Leaving Dry Tortugas the wind had been blowing from the east at > 15 kt for two or three days. Once beyond the influence of the reefs, there was significant sea conditions which we sailed on a reach a little fwd of the beam for several hr; mainsail and staysail. It was a very comfortable ride with a decent turn of speed. Later, toward evening, as the wind began abating, the boat could not make its course as well going more up wind. Eventually, we motored through most of the night with fairly “small” seas (maybe 3 ft) arriving on the bow. The yacht hobby-horsed very uncomfortably every few wave sets to the point where it was nearly stopped at times. That was a long night with a lot of uncomfortable motion below. Once we arrived at Ft Meyers and entered the ICW going back, the yacht was very comfortable once again. I think the weight aft (davits; dink + outboard) might have contributed to the hobby-horsing.
Personally, I would not buy one myself; not with all of the choices out there these days. The cutter is good if you are actually going to be out there in significant sea conditions for long passages. But if not, a straight sloop might be the better choice.