The value is intrinsic. My best friend loves my watches (gen and rep) and he knows I collect both. He was absolutely IN LOVE with my rep PAM 156 (heavily modded) and thinks my gen 111 is "ok." One day I told him the 156 was a fake and the 111 was genuine and he started to admire my 111 more and more and immediately dismissed his affection for the 156. Why? Because he now knew which was "real" and which was "fake."
I used to feel the same way. While I appreciate the craftsmanship of the replica, it paled in comparison to my love of my gens. That is, until I started building Franken watches. What do you get when you start turning these replica watches into almost precisely what the gens are? -- a deep, resonating appreciation for your ability to beat the manufacturers and an ability to wear the watch on your wrist with all the pride (if not more than) that you would a gen.
That, my friends, as it has already been stated, is where it's at. Those of us who are the WISs know that we have created a watch that's just as good as the gen at a mere fraction of what they charge, and that makes our watch just as good, and, as far as we are concerned, us a hell of a lot smarter.
That's what I call bang for the buck!