I have a '96 SRV strat. I do love SRV, but it wasn't the reason I bought it. I bought it because it was the best strat I could find that I could afford. The neck felt great, and it's a very lively, resonant hunk of wood. I did replace the pickguard because I didn't want unnecessary comparisons but it wasn't "out there" enough for anyone to really notice. SRV is certainly an influence, but my style isn't really anything like his so it's not an issue.
In general, a signature model is a slight turnoff to me, but if it's the right instrument, it's right and I don't really care who's name is on the headstock. If the sig model is too outlandish then it would be a distraction, although maybe appropriate if I was in a cover band of that artist.
I think collectors go more for high-end custom shop replicas, not just general signature models.
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