Back to cutout saddles, a cutout only helps if the saddle is heavily padded. When the padding compresses, you don't sink from your sit bones into your perineum. Another option is a firmer saddle. My saddle is hard as a rock, but it supports me properly, and I have no pain or numbness on even the longest rides.
Source: Me, recreational cyclist.
Read what Sheldon Brown had to say: http://sheldonbrown.com/saddles.html
Sheldon on noseless saddles:
"The lack of a nose can compromise lateral control in some cases.
The pads must be angled downward, which tends to make the rider slide forward. This is liable to lead to hand/wrist/neck problems as the rider braces on the handlebar to keep from sliding forward off the seat.
If the pads are not angled downward, they tend to cut off circulation to the thighs, and to interfere with the thigh muscles."
Pudendal nerve compressions are real and non anecdotic (but probably not widespread either, I don't know the numbers). I wouldn't worry about it before being symptomatic, if it ever becomes the case.