I own one homage but it's of a high quality and emulates a very rare watch, the Rolex 5517 Milsub. Would I buy a £50 poor quality version? No, because I doubt I would get much enjoyment out of it. I certainly would never buy a fake that was designed to fool somebody with counterfeit branding. I don't agree replacing a logo is just as bad as faking an entire design though. I know it may be a fine line, but i'll go with the watch community in regard to homages.I think the most ridiculous thing is Rolex replicating their classic designs under their more "affordable" brand, Tudor. I personally wouldn't wear a cheaply made $50 clone just because it's emulating a known brand name. I still care about quality and less about showing off something I know isn't authentic in the first place. Replacing the logo with a different one is just as bad as going all out and actually cloning the entire thing to the highest affordable standards.
Tudor I have no problem with as they have their own design features and a rich history similar to their sister company. It's affordable quality while still maintaining a respectable brand IMO.