A title brand, like Bonded, Junk, Salvage, is done for the protection of future purchasers as a warning that there is some possibility a hidden problem that may not be disclosed by a seller, as Mike pointed out.
My point is, although it isn't as pretty as we would like, a brand does not necessarily represent the facts about the car, but more of a record of sales, what the car was sold as, not always what the car was. say, a fleet of rental cars was in a flood. The cars get a Flood label on a salvage title. If one of 100 cars was above water, it would still be sold in the lot and labeled flood..
As it has already been said, condition is a case-by-case basis.
If you get lucky enough to pay half price, or less, for a written off Cat, that won't break the bank to get going, I would call the title brand or label a coupon. Enjoy the car but realize it's a coupon for the next buyer too. like most toys, the money you put into it you are not likely to get back.
I wouldn't pay more than 10k. Anything more, put into a better car with an un-branded title. Unless you're wanting a track weapon, Classic Crossflow Cats sell for 15-25k.
Also, selling the parts individually can be very profitable.