I know one guy that has a relic. Its a strat. Its actually a nice guitar, woods and construction wise (I havent amped it up). Hes the guitarist in my mums band. Super-nice bloke, and not a regressive player at all (he mixes van-halen like flourishes and tapping into blues playing and actually makes it sound good!!!), plays through a JMP1 a lot of the time, and was looking at engl rack units (!!!!), but he definately has an attraction to older guitars, and he likes his relic.
I dont think theres anything wrong with it, per se, its supplying something some people want. But the demand is certainly out there. I dont think theres anyone sitting around going "Well that strats pretty cool, but I dont want it if it doesnt look like kieth richards threw up on it!", its one part of some poeples buying proclivities.