To weigh in on the lather issue, I find I have better results building lather in a bowl. I keep my soap in my mug, so I wet it the soap to soften it, then dig around with my brush. Once I get enough soap on the brush, I put a little hot water in my bowl, then whip it like scrambled eggs.

To quote JoshEarl on how to shave, "You're aiming at beard reduction with each pass, not elimination." And something I've learned is to not overshave. If a spot is giving you trouble and you've tried to shave it with 7+ passes (for me it's about 5) with no luck, try again later. Touch it up with whatever you used to shave with and give your face a break

Oh, and for those nicks, invest in a styptic pencil. You can get them in the shaving section at Wal-Mart. For those occasional bleeders, there's nothing like the styptic.