Okay, just to update you in case you are interested -
The Marvy replacement I got was not really any better than the first one. And it's very cheap plastic. The one I got on eBay, which was about the same price, was by Carl. Far better quality, heavier and more sturdy, and I can look underneath and see what I'm doing if I need to. Now I'm not worried about using it on my projects.
So now you know. If you want one of these punches, skip the Marvy (at least the current version) and get the Carl.
I'll be giving both my Marvy's away.