I've been into reps for about eight years now. I got into it because I love beautiful watches but hate the idea of paying more than a grand for one. The irony is that if I tallied up all the money I've spent on reps, I could have easily afforded something in the $6,000-7,000 range. Would I be happier? Absolutely not, because I would be kicking myself for spending that kind of bread on a watch. But spend that amount of money on 20 or so watches with essentially the same skin as their more expensive counterparts, and I'm not particularly bothered. I get to wear a different beautiful watch 2-4 times a week and have to be fairly diligent to make sure that every watch is worn at least once during the month.
Reliability has been pretty darned good. The only watches that have actually died during my rep adventure were $100 "what-the-hell" cheapies. A few others have had minor problems, but nothing that required major effort or investment to fix. A few that I am particularly fond of have been serviced by The Zigmeister. A few others, if they died, I'd be annoyed but could replace them easily for probably less or the same cost as a service.
To be honest, the last few years I've been kind of burned out on reps. I haven't bought a watch in more than a year, and I'm not sure what model would get me excited again, unless perhaps I sold a number of pieces from my collection. That's also why I haven't been around here very much and let my VIP status lapse.
In any case, I think reps satisfy a genuine need, because luxury goods are obscenely overpriced and the playing field needs a leveling agent.