Personally, I like the looks of a reliced axe, if it's well done. To my wife's great horror, I've done a bit myself to my own '84 Love Rock (if I ever figure out how to post pics, I'll share some). I've always felt that players who really babied their guitars - kept it polished, kept it in the case, avoided belt buckle rash, etc. - were a little peculiar, anal, whatever. I don't abuse mine, but I don't mind the comfortable old shoe look.
Now, having said that, many of us who salivate over a well-reliced new guitar, would turn up our noses at a vintage instrument if it wasn't pristine. So, go figure. :-?