You're definitely right about the moisture barrier issue. A few years back, I worked on a townhouse development where we went with real brick walls for aesthetic reasons. We thought we'd covered all our bases, but the contractor underestimated the drainage requirements behind the brickwork. Within two years, we had homeowners reporting damp patches and mold growth in their basements—talk about a headache.
On the flip side, I've also seen brick veneer done really well, and honestly, most people couldn't tell the difference at first glance. It saved us a lot of hassle in terms of maintenance and moisture management. Still, there's something uniquely appealing about genuine brick that veneer just can't fully replicate. If you're prepared to invest in proper installation and ongoing upkeep, real brick can be worth it. But if you're looking for lower maintenance and fewer surprises down the road, veneer might be the smarter choice.