A 'homage' is a watch that resembles the original, perhaps closely, but is not counterfeit by lacking the original brand. For example, OWC MS-5517 rev 1 is a homage to the Rolex 5517, and the Alpha Explorer GMT is a homage to the Rolex Explorer II.
This is subject to intense debate. Obviously, the Swiss would prefer to exterminate all lookalikes, but at the same time they're rather incestuous with designs and 'looks' themselves.
Personally, homages are fine with me, and in my opinion offer a way to try out a style for much less money.