NJS: What's the point?

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.

It's true, this NJS Shimano hub looks old:

Whereas these modern Royce hubs would ruin a vintage look:

NJS isn't about look. It's about levelling a playing field so betting can be against the riders over the bikes, and to help protect an industry.

I'll swallow a line saying "guaranteed base level of quality", but not one saying that you buy NJS for a vintage look and feel.