cats in general actually - very tough skin around the collar - probably doesn't feel a thing (if thats real and all)...different story once in the water.
Have to agree if legit..pretty sick, but yes, along the same lines of those that freak over baby seals getting clubbed, but no one bats an eye when a cow or pig gets slaughtered! At least in this case, its the domesticated animal thing that makes it disturbing.