I think you're quite right to say that a custom built franken is the top of the pyramid, with the WM9 being the top of what's available to buy 'out of the box' I'd definitely say the DJ is a watch which someone could love or hate, in terms of size, so something someone could do with 'testing the water' with before a major investment (which I would then suggest as a franken rather than WM9, as the feeling of looking down and knowing you built the watch yourself, really can't be beat )
Given my recent experiences with the budget DJ I bought, I think it's a good example of what can be available for a reasonable price, which to me, makes the $200 eta reps a little less worth the price of admission