I have been waiting for a great post all weekend to piggy back off of. I couldn't have said it more perfectly. I agree completely.
I had a conversation with another member a few weeks back about a topic similar to this. My general opinion is that I won't franken anything anymore and I won't buy a rep out of the box over about $400-$500. The reason for this is just as jedi has mentioned. I have a hard time buying the reps of gen brands that I have owned in the past or currently do own. I still buy reps, but I don't buy Omega or Rolex anymore because I have owned the real thing and felt the difference.
Frankens to me are polarizing. If you are really into it as a hobby and as a fulfilling way of spending spare time, then I think they are fantastic. If you want to have a "vintage" watch that would normally cost exorbitant amounts of money were it a gen, then I think they are cool as hell and a fabulous alternative. However, if you are trying to franken something so that you can make the watch appear so close to the original that even a trained eye would not be able to tell the difference, then I would suggest a re-examination of priorities. At that point I would suggest that one might be trying too hard to be something they are not. Too much time and energy invested in a project that is simply meant to fool others, or prop up your own self-esteem in the company of others kind of says something...not sure what that is, but it says something. That brings up another question, DO YOU GUYS READILY TELL PEOPLE THAT YOU ARE WEARING A REP, OR DO YOU JUST TRY TO STUNT ON PEOPLE WHEN THEY BRING UP YOUR WATCH?!?!?! My answer to this question is that if someone simply says to me that they like my watch, I will simply say, "Thank you!" But if follow up questions ensue, I feel almost obligated to admit that the watch is a rep - with only occasional caveats or special circumstances where I might play the subterfuge out a little longer.
Just my opinion. Not saying that I have never built a franken - I have - but only one. I just kinda felt like a fraud when I did it, and never built another one. I know I am opening pandora's box with this opinion, but I really think that once most people start owning gens, frankens and expensive reps become almost ridiculous. Cheers, gang!