I realize this isn't about "vintage" guitars per say but it is at least related so I figured I would pass on my thoughts and observations. I just spend an hour this afternoon at Guitar Center playing the '50s Blond Tele, the '60s Olympic White Strat and the '60s Sunburst Strat and my first impression is that they have a lot going for them but they're nowhere near perfect.
First off, they all played great, right off the rack - very impressive, but all of the necks were too thick and chunky for my taste - more like a Les Paul neck They sounded as good as you would expect (through a Vibro Champ XD)- that classic Fender sound!
Now as far as the relicing goes, I gave them a real close inspection. I own two vintage Fenders so I know what normal play-wear looks like. I thought the front part of the body on all three guitars looked pretty good (the Tele looked the best). The dings and checking were pretty believable. The aged hardware also looked REALLY good. The early '60's relic pickguards were some of the best I've ever seen - almost perfect! The graduated browning/yellowing and wear was right on the money.
Where they really botched it was where the paint is worn down to the bare wood. It looks as if someone took a belt sander and carefully planned each move. It looked way too calculated and contrived. There was no realistic randomness to the wear at all. It looked even worse on the back side - really cheesy! The worst part of all was the wear on the Tele's maple fingerboard and the backsides of the Strat necks. It was the same thing. Someone just took a belt sander and carefully sanded nice, neat symmetric wear marks that could never have been created by natural play-wear. It was almost as if they used a ruler or a straight-edge!
I suppose you could "fix" up the wear on the bodies and the necks and you'd have yourself a nice looking relic. Personally, I think they should sell these guitars for around $699 and then I'd be sold, but maybe I'm being a little harsh. The more I think about it, the GUITAR craftmanship itself is well worth the $1000; it's just that the relicing looks kind of cheesy. That's my two-cents...