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I think it's more to do with the fact that homage's actually use their own brand name (Steinhart, CW etc etc). Fakes try to ape the brand with either a straight rip off (ie Rolex copy) or with a joke brand name (ie Bolex).
To me, that's the distinction. It has nothing to do with the origin of the product.
Soul
@Well_is_it
The whole "homage" thing with watches is basically a form of xenophobia. If its made in Germany or England, its a homage. If its made in China or India its a fake.