Overall, I'd say that no matter how old the Model M is, it is still a very high-quality product. I have one manufactured in 1994 by Lexmark with a trackball (the M5-2 model). It was pretty grungy when I first found it but I washed it off and took it apart to see what was inside. A 1993 date was stamped on the outer casing and I found a slip of paper inside saying the date and time the unit was asswmbled. It said sometime in July 1994.
Using a scale I weighed the old clunker and it weighed a whopping 7 pounds. It still works well after enduring nearly 15 years of very hard use in a school environment. It does have a few scratches and dings here and there and a few key-caps missing, but I use it every day on my main computer. The keys never stick even though I never cleaned out the black panel holding all the keyswitches.
I've heard many people claiming those keyboards with the drainage holes are lower-quality. However, they are still VERY high quality products which can easily withstand decades of hard use.
While I personally do not see much wrong with change the internal components of the keyboards, people should at least say so if they did it. That's the good and honest thing to do just in case if there is a collector desiring that specific model.