Hi Richard,
Im sorry, but it does happen. I know a very good plasterer, who BTW would never let anyone touch his trowel, ever! ( like you say, a well run in trowel is effectively a honed edge cutting tool ) The quality of his work is outstanding, not just flats, but arches/moulds etc.
But even he has nicked the odd cable or two.
I have come across it aswell, as a result of another plasterer, whose work was good aswell.
I accept that you may not have seen it, but it is not an 'urban myth', sorry.
WRT why it can be more dangerous, i think Ebee and other may agree.
Consider this,
-Metal capping will not prevent a 2" nail being walloped in by 16oz hammer, it will go through with easy.
-Nail goes directly through the line conductor and nothing else.
-Capping is in very close contact with the plasterwork.
What happens when Mr. DIY now hangs picture on nail, where picture frame has some of that very fine wire attached for hanging and his fingers are touching the wire?
or
He doesn't make contact with the nail, but some months/years later, he has a water leak from above, causing the plaster to become damp?
IMHO, if you really feel that you must use capping, use the PVC stuff, never the Galv. However, there is no reg which says it is necessary at all.