Sorry to take us away from the OP, but just a quick follow up to TeeJay. Again this is all situational.
Trust me they are gens, I have spent enough time here and starring at macro shots. I know someone with genuine Picaso Paintings hanging on their wall. Walking into a high end AD/Jewler for them is like most people walking into Wal-Mart.
As to repercussions, let me just give you a couple of examples. Lets say you are a big corporate lawyer, or financial guy/broker. You sit across the table from lots of people everyday. To say all these people across from you are "ignorant" and won't spot a rep is naive. (I spot reps everyday because I am a WIS, my wife spots reps everyday, and she is NOT a WIS, go figure). That said, if the person across from you happens to know a thing or two about timepieces and spots it as a rep/fake-- do you really think that will reflect well on you? Could you imagine a customer loosing trust in you/a company because they spotted a fake? Would you risk loosing a $100,000 deal over a $200 vs $5000 watch? Heck, I would have more respect for a "frugal" business guy wearing a simple fashion plate watch like a Kenneth Cole. (While this scenario does not apply to me, do you see where I am going here?)
One more example, I have on occasion flown on the corporate jet with CEOs, CFOs, CIOs, etc. Close corners for a few hours at a time. What do you think a bunch of rich dudes talk about? (Business, Women, Cars, Booze, WATCHES, Cigars, Golf, Sports, etc). While they might not notice-- It is not worth the chance. In that particular circle, I don't want be know as the guy with the fake watches, simple as that. Maybe overlooked next promotion time? Thus, my gen collection.