I don't know what constitutes 'luxury' vinyl, but we built in 2013, and decided to put vinyl in all our bathrooms. It's way different than the stuff I remember in the 80s. This stuff is thick as hell, probably like 4 mils? It's heavy, and it doesn't even require adhesive, this stuff is literally laid on the floor, then base molding or cabinet toe molding holds the edges in place, and it's caulked up against bath/shower.
It has texture to it; the grout lines are recessed, and the 'tile' portion has grains and bumps like a real tile. We chose it because it doesn't get cold like tile (we're in denver). I love it, it is 100% maintenance free. We have literally done absolutely nothing to our bathroom floors in 4 years now, and they look brand new. The caulk around the shower and tub areas I'm sure will need to be redone at some point, but so far it all looks solid. Our kids bath gets water all over the floor, and we don't even towel it up..
The vinyl we have is one solid sheet. There are no seams anywhere in any bathroom. Even in our kids bathroom, the sink area is the same piece as the toilet/bath area, which is a separate room. It would be really hard to cut that piece, in my opinion.
I had a few large scrap pieces that we put down in basement, and used a box cutter to cut, and doing it by freehand is definitely risky.. that blade very quickly and easily gets of course and will cut a big 4" slice. You have to use a straight edge.