Used to train with live/sharp blades in FMA.
When we did a photo shoot for a Black Belt Magazine article on Aikido against the five angels of a knife attack, my Sensei (Dang Thong Phong) choose to did it all with one of the live/sharp blades I brought along just for demonstration. Level of respect went up another notch. Article has not been scheduled for publication yet.
As a rules, IMHO, its not wise to train with sharp pointed things.