I have the fake bead-locks. The real ones aren't legal in Oregon, so I went with the "look". After running Moab twice, and various other crappy trails, I don't see anywhere near the chewed up edges that I thought I would, and I have yet to blow the bead. I think it protects the rim better. (there goes my Karma) One note however, the lip on the beadlock can fill up with mud and snow and cause the tire to be out of balance on the highway.(most of it flips out, but sometimes it won't, a quick clean out with a finger or stick helps.) These ones are not interchangeable. They're actually part of the wheel, so I don't get to pick colors.
There is a company that sells the ones you can change, and those are pretty cool looking. You can get black wheels or polished, with orange, camo, black and polished rings that just bolt on the edge of the rim.
These are not true bead lock wheels, so they are DOT legal.