As an avid fan of early nineties Ibanez' I wouldn't want a replica/fake/copy and actually have never seen one in real life, so I can't comment on those.
What I do have is a replica/fake/copy Gibson Silverburst LP. I found it on C'list and decided to go for it. I have several friends who own real Gibson LP's (including Rick Musallem) and they have commented that, although it's OBVIOUSLY not the real thing, it's a pretty decent guitar and certainly worth more than the similarly priced Epiphone versions. I also showed it to Bill Kelliher of Mastodon who was interested in the nut (brass with crossheaded adjustable string heads).
I have taken the thing apart to try to find it's original place of manufacture but cannot find a single clue. I'd love to find out more about it!
It has the bumblebee type capacitors in the tone pots, the pick-ups sound tremendous, has a set neck and the action is the one of the lowest I own. It's quite a different beast to an Ibanez RG style guitar but it's still a real pleasure to play. The drummer/guitarist/singer from our show is using it right now to lay down some new tracks (Nick D'Virgilio). I've gigged with it and would again, the guitar is built like a tank.
So to conclude, I'm not generally a fan of fakes and I do not condone the makers of them, but if you take a guitar and try it out non-judgementally you might find there are a few out there that really provide bang for your buck.
My guess is that someone took the time to make this silverburst as best they could since real ones are prohibitively expensive. Just like some people make their own Jems as best they can for the same reason. However, if it IS a mass produced chinese knockoff they did a stunning job!
I want to be clear that I would support people who make one-offs, or replicas due to the love of that type of guitar, as many people do here on Jemsite. I do not support manufacturers of guitars designed to rip people off or deceive people. I know this last statement is contradictory since I own this LP, but I hope you get my point.