Have not read thoroughly through this thread, just skimmed it.
I am not a collector, but I do have six BHPs ranging from an Inglis to Practicals in 40 S&W persuasion and anniversary models in 9mm. FWIW, I prefer the first one I ever bought back in 1972, a 69C variant. So I kind of watch the BHP forums, just out of general interest.
Generally speaking, if it IS a FEG, it can vary from being substandard to as good as you could ask for in a BHP (I have one BHP that arrived NIB direct from Browning with a 16 lb+ trigger pull, now awaiting a trip to a BHP specialist gunsmith).
There are other manufacturers, like FEG, who have made HP's either under license or without. They too vary in quality.
And then there are the complete counterfeits who have been altered.
Probably the greatest collection of BHP expertise on the Web is here:
http://forums.1911forum.com/forumdisplay.php?f=15
Some genuine, serious, BHP collectors there, and they are more than willing to share their expertise and advice. Bring good pictures...
If it is a counterfeit, you might well get the whole story behind the manufacturer and how it came about, not just "yeah, it's a FEG/counterfeit/something else".
And even if you're perfectly happy with it at the price you paid for it, if the seller sold it as a genuine BHP when in fact they knew it was not, that seller should be banned. Of course, that's only my personal opinion on activities like that.