It's an interesting one and I don't have a problem with replicas personally, but can understand peoples issues with them.
My other half has a replica Radiomir - but it has a sterile Cali dial, so its not quite as obvious that it is a replica rather than an homage unless you look at the case back. I think it cost about £120 10 years ago - keeps very good time. Had to replace the plexi as it got cracked, but that could happen to any watch.
The main thing that puts me off is the idea of people inflating their opinion of my wealth if I am wearing a watch that should cost a huge amount.
I have been tempted by some of these homages: http://www.tiger-concept.com/
They even (used to) make custom dials for them if you don't want a toiger on your wrist :P