I, too, have been looking for a good Katana. I've looked at almost every sword site on the net. I haven't found a Paul Chen sword for less than $400. But I have found THE katana for me.
It is Clay tempered, just like the swords of Old Japan, but it is not folded. It is comititoin sharp, and sence it is clay tempered, it will keep its edge better than a hardened blade.
Here is the DIRECT LINK. http://www.imperialweapons.com/swords/Gen2/IP-025.html
The owners of the site are historians and weapon collectors by trade. I've talked to them over the phone, and they talk to you like family would. Please check the sword out before you make up your mind. The price for the sword is $297 with free ground shipping. As opposed to Paul CHen equivilant, $400 plus with shipping cost.