I'm about to pull the trigger on buying a L-05 with the iMix no cut or an LV-05e...
The L-05 is cheaper by $150. The "v" is of course a cutaway.
Any thoughts on the pros/cons of the notch vs no cut systems?

Welcome aboard, Scotty.   :wave

The LRBaggs IMix systems sound fantastic regardless of the configuration.  But they differ in adjustability and access.

The Inboard (no cut) IMix:

This is the one that mounts inside your guitar.  It's less convenient when you have to change the 9v battery - which is rarely.  But the inboard unit is more versatile because it has  more adjustment capability: you can adjust low cut & mids on the IBeam and mids on the UST besides the gain settings for both.  Also, the gain setting (and other adjustments) on the inboard unit are more accessible.  You reach THROUGH the strings with a long, small phillips screwdriver to make adjustments.   Both units have a gain adjustment that allows you to adjust the balance between the IBeam and the UST. 


The Onboard (cut) Unit:

The onboard unit is installed on the upper or lower bout of the guitar.  This unit alllows for more convenient battery access but doesn't have the mid or low cut adjustment of the inboard model.  The gain adjustment is a pain in the butt because you have to adjust it from the bottom of the mounted system with a tiny phillips screw driver.    To get at the gain adjustment screw you have to loosen your strings, reach inside the guitar, turn the screw and bring the strings back up to pitch to see how it sounds.  If you don't like the setting, you have to loosen the strings and do it all over again. 
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I have one of each on my guitars: an inboard on my 000-15S and an onboard on my Larrivee OM-03R twelve string.   Had I to do it over, I think I'd have inboard units on both of them: no holes cut and more tonal adjustment with the inboard unit.