I have been following this thread for a few days now and couldn't quite figure out how to state my answer. I think I have a handle now on what I want to say, but if it sounds like rubbish to you, just ignore it.
If CNC helps the maker bring the concept of the knife design into reality, I think there is no issue with that. I do think though that some hand-work (besides pure final assembly) adds some 'soul' to the knife. Be it final handle shaping, blade polishing, embellishment such as engraving or handle contouring, etc.
With respect to this, I see knives belonging into different categories (at least for me):
Category 1:
I buy some knives knowing that it is quite possible for me to run into an exact piece like it owned by someone else (given possible very minor variations). I believe this to be true of makers that are conducting their business like Darrell Ralph does. CNC and/or other repeatable steps using machines seem to benefit this business model. Since I have the initial knowledge then that is just part of that knife.
Category 2:
I buy some other knives knowing that there will be other knives that are very similar but probably less exactly like it (often due to the handmade approach). This is because the design is very popular and has stood the test of time. For example, I would think that this applies to Loveless-style knives by Mike Lovett, John Young, etc. If these types of knives were made primarily by machines, I think they would be part of category 1. For these knives, I do value that hand-made aspect enough that a lot of CNC work would perhaps give me pause. This is because a knife I would buy from category 1 is very unique in its design by that maker. A knife in category 2 is not unique by its design so the variations from each maker make the knife more unique and give it more identity (in my opinion). If it was all done by machine, I think the different makers' knives would start being a lot more similar. I do like Kressler knives though and as far as I have read he uses machines (I just don't know to what extend); however, he has made enough variations to the design to make the knives recognizable as his own.
Category 3:
Knives that I order as true custom knives - as in I ordered the knife with certain specifications. As stated above, I don't have a problem with someone using CNC to accomplish this task, but if the now-existing knowledge in the machine is used to make multiple copies of the same exact knife, I would be upset. I expect not to run into a knife that looks very similar in some else's hands. Of course "very similar" is rather subjective.
I think Bailey is partially right in that custom knife making has a lot to do with the relationship, but I don't think that is enough. There has to be something else that separates the groups. Otherwise I can just as easily have a great relationship with a dealer even if that dealer sells production pieces. BTW, I think Bailey definitely has the "something else".
Category 4:
Pretty much the same as 3 except that the knife is not to my specifications but rather something the knife maker dreamed up himself (or herself). This type of knife might be bought at a show, via a dealer or via the "available" page on the maker's website.
The above categories are probably not enough and I likely have some knives that don't fit into any of the specific categories, but it provides some insight as to how I view this subject.