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RobertSA Middy reprint was in the case of a well-known dealer at the White Plains, NY show about a year ago. He didn't realize until looking closely at the blurry copyright line, which was the dead give-away.
I believe he had gotten his from eBay and others were floating around the East Coast at the time. I looked at his fake and also had Ron Vitro take a look (since had previously had some real Middys) and the slight muddiness of the printing gave it away.
These fakes are either photocopies pasted to a thicker board or are the Frisch reprints cut-out from the black background. If you guys are talking about the recent ones on eBay, it was tough to tell from scans but should be easy in person (especially if you have a real Middy with which to compare).
Lastly, the reprint I held was roughed up -- with dirt and creases (the creases looked a bit funny, too, with the front and back not creasing the way a real card would -- you could sort of tell the paper was adhered to the cardboard).
If memory serves, the photo was also not as clear, looking like a photocopy or reprint when looked at closely.
All-in-all, they were actually decent fakes as you had to take them out of the plastic holders to really tell they weren't real.