Fracture hits the nail on the head here. While rolexuk feels it's ok to "steal" from the rich (Rolex), he'd be stealing from anyone BUT Rolex! The jeweler, who may or may not be rich, as well as the poor schmuck who ended up with the watch in the end. Of course, once noticed, it would probably be not so difficult to track the thief down with serial numbers, security camera footage, etc...
As to the question of whether or not we rep enthusiasts are "stealing", I am honestly on the fence. In my case, I could afford a gen or two and have a Breitling Chrono Evo that was on my writs 9/10 days for 8 years. But there's no way I could swing the 8 reps I have as gens, so I agree that the Rolex's and Breitlings of the world are not losing any money on me because of this hobby. I'm guessing there are many who are in our hobby that could afford a large gen collection, but choose not to. Is that stealing? Technically, the argument could be made that it is.
In any case, I would never consider making the switch as suggested by rolexuk. Just not part of my makeup I guess.....