I ran across these videos on another forum that I frequent. It is of two craftsmen in Latvia creating a carpenters axe and a timber framing slick.
Their craftsmanship is superb; a great combination of old world techniques (the blacksmithing) and new world equipment (the woodworking).
The axe is made with a tool steel insert for the cutting edge. There are video's of it slicing through paper like butter.
Definitely worth the watch.
Scott
The Axe video: http://vimeo.com/37360333
The chisel video: http://vimeo.com/38165983