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Good point but that's a different question. I completely understand the initial reaction of buying something that I thought was real only to find out it is a fake! If I sell you a replica Rolex Explorer and claim that I am selling you an original that would be both unethical and illegal. That's a form of stealing. I am taking your money (and lots of it) under a false pretense. That's the same as buying a used car when the dealer has rolled back the miles. I am being cheated.
I'd really like to own a Panerai not beacuse of what is inside but because I like the way it looks. If I could buy a watch that was a replica of a Panerai but had the guts of a Seiko for $250 I think I would be happy. Again, I am troubled by my logic but it doesn't seem "wrong" anymore than owning my Ansel Adams print is wrong. I bought it knowing it wasn't the original photograph. I like it a lot. I certainly haven't done anything "illegal" by buying it and the print shop in the mall hasn't done anything illegal by selling it to me as a copy. But have I done something wrong.