Sure, I admire the skill if someone can pull it off. But I take umbrage with the use of the term "replica" as an excuse to create a forgery. It's almost like someone is trying to excuse the crime, like "Here, I made this replica Rolex watch...nobody will know but you" or "let me sell you a replica Van Gogh, it's just like the real thing" or maybe "Replica 1969 Camaro, better than the original." I find it disingenuous, because even if the counterfeiter sells it off to the original buyer with full disclosure it's still putting something into distribution that is not what it pretends to be. And per Robert's post above it all creates this bizarre acceptance of fakes, which comically leads to the concept of some fool making a fake of a fake. It is really mind numbing to think that this is the state of things.
And what is is all about, really? There's this huge mystique built up about this tiny handful of guitars that Gibson built over 60 years ago. What's it really based on, when you get right down to thinking about it? I mean, back when these things were new nobody wanted them, then years later a handful of dudes in England found a use for them (as likely because they were available cheap on resale as anything else) and so there was a renewed interest in something that was no longer made, so Gibson being the smart company they are started making them again. But they made them a little differently the second time around, and suddenly the ridiculous comparisons started between the "originals" and the new ones...and worse than that was the unfounded rush to the judgment that the new ones weren't as good, and here we are dealing with that silly notion all these years later...but it's all based on opinion and conjecture, not one single concrete thing that concludes that the old ones are demonstrably "better" and if you've played them you know what I mean (I submit that the overwhelming majority of that mystique is simply rarity and rest is association with the people that used them). Incidentally, most of my favorite music of all time was made with "inferior" instruments by that logic, and guess what? Not me, the guys who make the inferiority claims or anyone else can tell the difference when listening to the recordings.
An original 'burst is a cool thing, and a great investment. Will it make you better player? Nope. Will it make you a better songwriter? Not a chance. Will it even be an objectively better guitar than the one you already have? Crapshoot. So to me all this silliness, and I really don't have a lot of patience for the fixation people have on trying to replicate something from the past and passing it off as real (as opposed to building something of their own) which is exactly what they are doing if they use the open book headstock and put a Gibson logo on it - their supposed disclosures notwithstanding.
I think those are all compelling points, especially the one about putting an item into distribution.












