I totally disagree that logic dictates that you should cut, then bulk. You can't carve a steak if there is no meat on the bone!
When bulking you build the raw mass that you will refine and shape when cutting. The additional muscle mass also increases your caloric maintenace level. This allows you to eat more (quality foods) when cutting, just to maintain the mass you've already built. The finished product has greater density and refinement....overall, a better physique.
If you cut first, you will regain some fat when bulking which will just need to be cut (again) when you're finished. So what's the point? From my experience, those who are worried about putting on additional fat during a bulking phase (particularly after cutting) don't eat enough and generally don't grow as quickly, or as well.