Heres a little tip that might help. you can use new fishing line holding it tight, use a back and forth motion all the way accross while the cake is still in the pan. Make sure the cake is cold. Also you can pop your cake out of the pan after its cool enough and place the same size cake circles inside of the cake pan using as many as you might need to raise the cake up to see the cake where it needs to be cut only raise it up enough to see where the pan line is on the cake, the rest can be cut off either using your serrated knife or the fishing line., I hope this makes sense and I hope it helps.
Also try using magic strips around your pans when baking, they are amazing and rarely do you get a rounded top on your cake if you have measured your batter correctly.
Alton Brown uses blades from his saw & wooden planks.
http://www.youtube.com/watch?v=PUwtvz4Ft_c&feature=related
(forward to 1:32)
This is part two of The Icing Man Cometh episode.
I read a great tip from an earlier forum - when the cake comes out of the oven, use a dampened clean cloth or dampened paper towel and put it over the entire cake/pan and press down on the bump so the top of the cake is perfectly flat. Use the flat part of your fingers so you don't poke at the cake...you want to basically shape the top of the cake so it's flat. It's hot, so be careful, but it works GREAT! Then it cools flat, just like you've shaped it. No more cutting! 
I found a few tips that worked last night on a cake I'm working on.
First, I used the Wilton Cake Strips.
Second, I took the pans out of the stove, and set a book on top of the cake while they cooled in the pan.
Third, I put a rose nail in one of the pans.
These ideas worked perfectly. The Wilton Cake Leveler will be returned to the store, I didn't need it at all.
I too have the Wilton large leveler, and after reading many posts, I too was ready to trash it. I got my husband involved, and he taught me how to use it correctly. When I torte/level my cakes, I do it straight on the counter and my mind focus on the legs of the leveler to keep it straight and I am pushing down to the counter. Then I do motion site to site, focusing only on the leveler's legs. It works this way just fine!! So the bottom line, the product is not perfect, but when you learn this way, it will do the job.
I've read lots of complaints about the Wilton levelers. I have the small one and the large one and they both work perfectly for me. The trick with the small one is to move the leveler around the cake instead of going straight through, so that the wire is cutting through the outside of the cake all the way around, instead of pushing out from the middle. The large leveler should be used like a giant bread knife...put your hand flat on the top of the cake and hold the leveler with the other hand, then use a sawing motion with the leveler to cut through the cake.
I love the agbay one. I want it badly. In fact I've dreamt of it. That being said I've got the large wilton leveler and it works just fine for me! You have to make sure y ou keep the legs flat on the counter and side to side with it. It works. Just takes some practice!
All the pro-Agbay comments are coinciding with the advice I gave on this thread: http://cakecentral.com/cake-decorating-ftopict-647633-bullet.html , which is bite the bullet and get the good stuff from the git-go. You won't be sorry.
So listen to these Agbay folks. 
google Agbay Products and it should come up. You won't regret it!
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