i got one of these at a trade show, it does 'work', and more than two sheets it gets very hard to punch. you would have to rethread the paper through if you wanted to remove one, but then you're still left with a funky tab on yoru paper haha

Good question. Maybe un-stitch it?

I keep meaning to get one of these. No staples to bother with... How about it you want to remove one of the sheets? Would you just cut it or just tear it out?