There's a little forum:
http://www.homageforum.com/index.php?sid=8fbc11343aed774f8d632217ee0ef991
Exactly right. A watch that looks just like a Submariner or a Panerai 111 without actually saying "Rolex" or "Panerai" anywhere on the watch. That's an homage watch.
Well some do... Look at Panerai runs legal battle fighting RXW.