NJS: What's the point?

In many cases the same money will buy you much better product elsewhere (i.e. Phil Wood, Chris King, Royce, etc for components).

This is true. But they're all modern parts. If you're wanting to build a bike that 'looks' and feels vintage, NJS components are a nice way to get that with brand new parts.

I've bit on the njs bate and, though people say it's a waste or there's better out there, I don't really care. The build quality is good, the performance is acceptable, and the aesthetic is lovely. If you like it, you like it. It's the same as some people preferring an 80s Italian steel frame with Super Record over a Cervélo with Di2. Obviously one is better on the road (and obviously modern kit is better on the track) but where performance isn't really an issue, you can choose what you want.