  Various nuclear structure observables are evaluated employing low-momentum
nucleon-nucleon (NN) potentials $V_{\rm low-k}$ derived from the CD-Bonn and
Nijmegen NN interactions $V_{NN}$. By construction, the high momentum modes of
the original $V_{NN}$ are integrated out in $V_{\rm low-k}$, with the
requirement that the deuteron binding energy and low energy phase shifts of
$V_{NN}$ are exactly reproduced. Using this interaction, we evaluate the bulk
properties (binding energy and saturation density) of nuclear matter and finite
nuclei, in particular their dependence on the cut-off parameter. We also study
the pairing gap and the residual interaction in nuclear matter in terms of the
Landau parametrization. At low and medium densities, the HF and BHF binding
energies for nuclear matter calculated with the $V_{\rm low-k}$'s derived from
the CD-Bonn and Nijmegen potentials are nearly identical. The pairing gaps and
Landau parameters derived from $V_{\rm low-k}$ are remarkably close to those
given by the full-space $V_{NN}$. The $V_{\rm low-k}$ interactions, however,
fail to reproduce the saturation property of nuclear matter at higher densities
if the cut-off for the high momentum modes is assumed density independent.
