I think all are valid points, and I would like to point out one more.
When I am not enjoying my fake or semi fake (franken) watches I do reconstructive surgery.
I give cancer survivors fake breasts, faces and revise their scars.
People are imperfect to begin with and it took me a long time to understand the extreme frustration of a beautiful patient wanting to be perfect as opposed to the subdued request of terribly deformed patient wanting just to be made whole.
Wanting to fool others takes a lot of effort and it sheds light on the darkest parts of your soul. whereas appreciating the aesthetic of the imperfect and accepting the things you can modify and the price payed (in scars, pain, medical treatments) builds character and enables you to accept the change and embrace it as your own.
I feel the same about my watches and other posessions. I feel better wearing a vintage franken or watch I have brought back from the brink than wearing a well crafted gen. and I am certain every other craftsman feels the same about his work, accepting that some may do better and some may do worse.