Depends on the quality of the reproduction.
I'm the archetypal snob about reproductions of classic telephones. Most of them are downright crappy. Speaking as somone who has enough of the real thing to start a large museum.
However, there's a product line called Crosley which has repros of Western Electric 302 (desk) and 354 (wall) phones, and those are frankly excellent. Their repros of the Bell System Princess phone and the type 500 phone appear to be pretty decent from the pictures, and if they're as good as the 302s and 354s, they should also be excellent.
Yes, those use touchtone dials arranged to have a "rotary" look. But Crosley somehow managed to pull it off, and the whole thing looks "right."
There's also a guy doing reproduction Automatic Electric type 40 telephones, where he has new housings made and installs old parts (obtained from phones with smashed housings). He even does them in unorthodox colors such as transparent blue. As far as I'm concerned, those also pass the test with flying colors.
If a company can get that kind of quality for other types of appliances, and especially avoid trying to "overdo" the stylistic details, then I see no reason to look down on the product.
There's another design philosophy that goes for making new stuff that looks new but has a classic sensibility about it that's not out of place in a retro design environment. I'm specifically thinking of Tivoli Audio, who make a table radio with a design that's simple and straightforward: rotary knobs including tuner, speaker in front, wood or white housing, a simple rectangle that sits on your bookshelf (or wherever), looks good, and sounds good. There are other instances of this type, for example Apple computers, and others I can't think of at the moment.
If there's a generalization about the latter cases, it's that their designs are simple and clean, symmetrical, and lacking in gimmicks. For that reason I think they tend to fit in with just about any design theme from 1935-ish to present and beyond.
