I bought some titanium axles for my crank brothers pedals. The maker was up front that they were for crank brother, but not by crank brothers. They were less than half the price of proper ones - I reasoned if they're turned to size on a lathe from Ti bar, how wrong is it possible to make 'em? They seem perfectly fine to me, and definitely are titanium. I assumed rightly or wrongly that normal industrial titanium bar is going to be of adequate standard for bike parts, and that there'd be no such thing as "cheap and nasty" titanium - and simple, relatively low-precision lathe work is well within the Chinese's capacity to do.
I also bought a Seiko watch direct from the far east at a fraction of high street price - perhaps 30% of retail after import duty (ie cost 30% not 30% off). I was a bit suspicious of fakery, but if it is a fake they've gone to an awful lot of trouble engraving logos on hidden parts inside etc (discovered 2 years later when putting in new battery). Seems pukka to me.
that said, I've seen pictures of logo'd but almost certainly faked tools - precision watchmaking tools labelled Bergeon - just not quite right.