Relic instruments look cool because they tell a story of an old relic'd musician. Usually when I see a real relic instrument, I imagine it was owned by a Keith Richards kinda guy - old, wrinkly, beat up looking, with a cig hanging out of his mouth.
When I see manually relic'd instruments (and its pretty damn easy to tell) I just look down on them with shame. Usually being rocked by a 16-17 year old that did it with a head gun and a belt sander, or had their parents buy them a Fender "road worn".
Now, I have bought a few basses used that had their own mojo already... those are sweet, because they have a life of their own before they met me, and their own wear marks that I made myself. My Ibanez SR506 has a really weak finish that alot of people rag on, but I loved playing it in my metal band, because it naturally relic'd way fast... I can now never sell it, I bought it new and put my own wear and tear on it, and its now mine. Everyone asks how I scratched out a deep divot under the two highest strings, and they're always impressed when I say thats just from my fingernails doin the slap/pop thing.