I think it's OK to machine OEM rotors or OEM-quality replacements (ie the standard replacement Brembo rotors). Some vehicles are notorious for creating runout on rotors ... the 1973-86 GM/Chevy light duty trucks, for example, have front rotors that are notorious for rotor stress when dealing with water immersion, and that 1-time event will often put the rotors out of round.
Also, you can create stresses on rotors if you don't properly torque (and re-torque) wheels when servicing tires that will cause offset.
"Premium" rotors run the gamut ... some are just "toys for boys" and don't offer any performance advantage (and may "offer" performance disadvantages) while others are serious products that decrease stopping distances but more importantly also reduce unsprung weight, or in some cases do not increase unsprung weight while increasing diameter.
I would put it this way ... do you check the weight of the exact size tire you are considering when you shop for tires? Do you check the weight of the aftermarket wheels you are considering? A premium 1-piece rotor can take 4 pounds of unsprung weight from each corner; a 2-piece (rotor and hat) can shave 10 pounds. If handling is an issue with you, then there will definitely be a noticeable difference.
That is one example; there are also differences in cooling capacity with the design of vanes, etc and rotors are most certainly made from different iron alloys and like all metal, cost is affected as well as performance.
Most premium rotors are made in the USA, the UK, Australia, and some European countries.
I have a truck I would never consider doing a rotor upgrade "just because" and I have a car that does some track duty. The car weighs less than 2500 lbs, and I was able to shed 10 pounds per corner while at the same time increasing rotor diameter by 2" by changing rotors. The wheel, tire, lug nuts and valve stems weigh 33 lbs; upper and lower A-arms, ball joints, and other moving parts weigh 22 lbs. 10 pounds means a lot under those conditions.
I could shave another 4 pounds per corner by changing wheels, but since it also sees street duty there are strength considerations as well that have to be taken into account. The rotors however are stronger than OEM and again for strength are plain, not slotted or drilled (and are USA made start to finish)
You can definitely notice the change in unsprung weight and stopping distances are much improved as well (I stop 30 feet sooner at 100 kmH).
In other words, horses for courses.