If the bag is good quality, I really don't care that it's a fake. And I've had a really good quality Kate Spade fake, direct from Times Square. The label was glued on and came off pretty quickly but so what? Didn't care about that anyway. Fake or not, it's going to wear out, and/or you'll eventually get tired of it or find it doesn't fit your life anymore.
To me, it's just wasteful to spend a mortgage payment on a handbag.
Ah well. Thanks to the economy, many of you will be learning that bitter truth soon.