Grey Imports - Are they worthwhile considering?

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Name
Andrew
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I'm very soon to be looking at upgrading my Canon 50D to a 7D and found that I can save quite a bit if I buy from abroad (Hong Kong or USA). I know that there is duty and VAT to include (unless I play smart), but what are the risks / pitfalls if any from buying abroad?

My biggest concern is fakes, just like the Apple iPhone copies which have flooded the market - look identical but don't perform and mass produced in some back street Chinese factory by extremely good counterfeit manufacturers. Do they exist in the world of photography or is this field not big enough for them?
 
Unless things have altered there's no duty on cameras but I think just about everything else carries duty such as lenses etc, however you will have to pay vat on all, to be honest it's not worth the hassle for a few quid, it'll be worth less when you come to sell and then you may have warranty problems, as for being sneaky it's not just about getting it in to the country, you could just as easy get pulled going on holiday and being asked where it was purchased, not very likely I know but it does happen as an air hostess friend of ours will attest.
 
Hi Andrew

I suppose the bigest issue is warrenty - I know with Canon bodies are country specific for warrenty - so if you import one from HK, then for a warrenty claim you need to return it there or pay for a repair here...

I suppose it's a personal choice and how much, in the real world are you saving, as to is it worth it,
 
I just bought a rebel t3i came from a uk company via dpd
cost was 488 delivered took 7 days and is perfic
saved myself nearly 200 quid
as you probably know this is the US version of the 600d
if I upgrade again to a 7d some time, as this was also on my list, I will have no hesitation in buying it from the same company
 
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