I have owned and played with 2 different Jacobys, both with the steel joint - 5/16 x 14 pin, piloted, and I can agree with the other posters about the softer feel of the hit. I would describe it as a little firmer than most true wood/wood type of joints but definitely a lot softer than a typical schon steel jointed cue hit would feel. As far as fit/finish/construction of the Jacobys ......... TOP NOTCH. I'd recommend one in a second.
The reason I don't play with a Jacoby now is after test hitting a variety of different cues I decided I liked the hit/feel firmer/crisper, but not so firm and "tingy" (as I would describe it) as a schon and ended up with my current Carolina Cues which IMO have a hit extremely similiar to my buddy's Scruggs cues and he agrees with that assesment as well after we did all of our test hitting with a BUNCH of various cues that we had between the two of us plus a few cues some of my friends own that I have test hit with.
The cues I/we test hit included - Schons, Richard Blacks, Scruggs, Jacobys, Carolina Custom, Pechauer, McDermotts, Lucasi, Diveney.
Trevor