The allure has also been fading for me. After a few grand (easily) on reps, I only wear 2-3 with any regularity. The other ten or so sit in the dying ebay watchwinder (and yes, I've traded about 6 or so over the years).
Part of it is my profession. I have to be careful about sporting a rep, and what kind of message that imparts. This has lead me to steer clear of Rolex altogether. Apart from a few tempting reps over the past 6 months, I've simply grown tired of most of the offerings. Another reason is the demise of pp among many dealers. I'm sorry, but you're not getting me to send payment any other way.
But the biggest part is my growing affection for genuines with ETAs for similar prices. There's dozens of fine brands regularly discussed on PMWF and the like. This is where I'm gravitating. I'm also going to saving more money and will likely make a few choice genuine purchases in the future (eg., Omega). That's not to say reps are off my list, but I'm much more selective.