Once I saw a posting (here I think or a link from here) of a case that was in rough shape. The owner peeled off the leather and stained/polyurethaned the wood. It was gorgeous when done! I wouldn't have a problem doing something like that, but some people would want to keep the original intact.
Parts are available to fix the latches. If you've got a local sewing/vac dealer, many of them stock or can order parts. There are several online dealers you could order from, and ebay too.
Cases are available. Similar, but I doubt they are made as well as the original. They weren't cheap either!
It's all a matter of personal preference. Some people want to keep their machine/case all original and preserve it. I love mine and sew with it all the time. I'm sure all my sewing will add some wear to my almost perfect decals and scratches to the bed of the machine. But it is very sturdy and meant to be used. What fun would it be to be sitting in a closet? :)