Good question, I'm kinda wondering the same thing.  Is cutting the seatbelt a common occurance? I would hope the seatbelt buckle would operate flawlessly after a high stress situation.  Maybe they don't release while under load?  I don't know.  I wonder if the airline style seatbelts, with the lever instead of the button, are more reliable after an impact.  Seems like a lot of the racing belts are like that, rather than the button type that you find in cars.