This is actually a really good post. The same thoughts go through my head daily. I have a small collection of mostly very good quality (at least is theory good the $200+ reps) replicas and for the most part love my collection, however I cant help but sometimes wish i'd saved my money and bought 1 or 2 really nice genuine watches.
I also find myself really wanting to wear a replica but finding it hard to do so when I want the watch to work. That said all my watches work but do so in an inferior way to a cheaper gen. EG: I like to wear my Carrera and aquaracer but always end up going with My Gen Tissot or Swiss Army, just because they are without fault and work!! The Lume is 2X as bright on them, I dont have to look after every hand was or shower to see if they have fogged up, and dont have to hope people dont look to close to see the tiny imperfections that almost all reps have (misaligned bezels, hairs under the glass, crooked hands etc...). My Swiss army Maverick II Is an awesome watch and I actually picked it up cheaper then ANY replica ive ever bought and it looks amazing. Lume is phenomenal, Dial pops, and the workmanship, and style are both top notch.
There is also the re-sale problem. I can sell Gen's I no longer want but dont even bother to try on rep forums etc.
That said I still buy Reps. I just dont completly know why. It's really kind of an addiction... well not kinda..it is!
I'd rather wear a rep over an invictia and day of the week, but take Brands like Tissot, Hamilton, and Swiss Army over any Rep.