I've spent several years training myself based on ARMA, and feel fairly confident in my rapier and main gauche skills. Fencing and kendo are more formalized, stylistic outcomes of the actual martial traditions; I've found more sport than realistic. Kendo for example developed long after the samurai actually fought battles on a regular basis.

For the last few years, I've been working with a practice katana, and then a tanto. I just ordered a usable katana, and if all goes well I plan to acquire a usable wakizashi.

While anachronistic, I find these to be enjoyable; challenging both mentally and physically.

Anyone else learning sword arts?

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edit: ARMA, http://www.thearma.org/