1. Depends entirely on the bike that was converted. If it was some super-rare vintage road bike with the braze-ons dremelled off I might shake my head a few times, but if it's a Peugot or something I don't really care, I see plenty every day, and unless I like them, which I often do, I don't really think twice about them.

2. I have a front brake. I like seeing front brakes. Unless it's on my bike and I'm not riding it. =/