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If you wouldn't pay £500 for that watch without the Patek branding then it's a fake and you are throwing your money away
I don't own any fakes, and not sure I'd bother. But I'm not sure there's that many who'd buy a £50k Patek without the branding on it either i.e. just for the sake of the object.
I own a pair of (low end) Omegas, and like them as objects, but I'm sure that the branding is part of that. I'd wear a fake branded one and doubt I'd feel any different about it.
I think the only argument with merit about the fakes is that it's probably unethical to support the fake market and that IP is infringed. Anything else about 'feel' and 'not exact matches' etc doesn't really work for me - appreciate people own and collect for different reasons etc.
Friends don't let friends buy fake watches :)
If you wouldn't pay £500 for that watch without the Patek branding then it's a fake and you are throwing your money away. Save that money for the day you can buy an honest watch that speaks to you. If you posted the same watch with no branding for £200 I'd say it was a decent proposition.
It doesn't bother me that people are wearing fake subs, doesn't eat into my enjoyment of my own watch.