We mention them from time to time with derision, and most of them richly deserve it.
But look at this one:
http://cgi.ebay.com/ws/eBayISAPI.dll...e=STRK:MEWA:IT
(The auction is over)
It is heads and shoulders better than the usual "Japanense eximious cowskin housecarl famous general with rosewood vagina"
Of course, it is not even close to resembling a katana (more like an upside down Kubikuri), but it is carefully executed.
Well, another couple of years and they will sell Masamunes and Sukesadas indistinguishable from the originals. After that they'll turn to Kilijes, Yataghans, Shamshirs (with Assadullah's signatures), and anythig else potentially highly sought. Then we will be in a pickle....