I think if you're buying it as a status symbol then it's clearly quite desperate/pathetic, but if you like the design(s) of some of the premium Swiss watches and want a well-made watch for a few hundred quid then replicas offer a lot of choice. In my personal experience, the finish on my replica is better than all watches I tried on from the high-street in the £200 - £400 bracket, including several Seiko, Citizen, Rotary and Tissot watches.
If you like the design then get a similar budget watch or some homage watch with a very similar design but minus the fake brand name.
I can maybe see the idea of buying a replica of a watch you already own to wear when you wouldn't want to risk damage/loss of the original but tbh... the main reason for buying a replica is just to try and buy status... it's like someone sticking an M badge on their entry level BMW. Tacky estate agent from Essex type...