Technically I own a fake watch. It's a Rolex Air King with an Explorer dial and hands. Rolex did make such watches for the UK markets in the 60s and 70s, but the serial on my watch case indicates it was made in the 80s, so it's a redial. I paid under a grand for it, which is a good price for an Air King. It's awfully dainty compared to my other watches but it's fun to wear, more so than the Sea Dweller I had which invariably attracted inappropriate attention.
I don't think I'd buy an outright fake but in many ways the watch companies have brought the situation upon themselves. Rolex transformed their brand from a mark known for reliability and value into the horological equivalent of the stretch Humvee limo. And what is worse is that other great companies have gone in the same direction even faster.
What about someone who buys an old brand and makes their product differently than their namesakes, like Stowa, or Lip?