Hi, Grant,
I don't know the legal history of the frames (licensing, etc.), but these were factory produced by Falcon, as Eddies. The big frameset is one of the nicer ones I've seen -- it actually has forged drops. Since the complete bike is listed as 531, I assume it does, too. Most or all of the few Falcon-Eddies I've seen were pretty much gas-pipe frames, with stamped drops, and very low-line parts.
I'd pay a few bucks for one of these, and make it into a cool commuter. I've never thought of them as particularly interesting or collectible... but maybe I'm about to learn otherwise, from more knowledgeable listers.
Cheers,
Peter Bridge
Den Co