That's a fair point.
I think it's more than that though, even if it's the same product (which clearly, it isn't), with Apple, if it breaks you have the ability to walk into a shop and shout at someone who's being paid minimum wage. With this Chinese knock-off, what happens if it goes wrong?
Also, I don't have much faith in what the UI would be like in English for the Chinese phone. From what I saw in that video (which I didn't watch all of, I got tired of the crappy camera-work), it seemed like what I'd expect - badly translated.
As I say, personally I couldn't bring myself to take the risk.
Which is a shame, because there are some really rather interesting phone being made by unknown Chinese companies just now -
link.