While I am a great admirer of layouts with a high fidelity to an exact place and time (and they have the advantage of containing details to model that might not be thought of in an imagined setting), I plan to build a freelanced layout.
I want to be more or less true to a period and create a regional feel, rather than a specific location. I want to build a mainline with a branch. It will take a lot of room and time. By necessity and scope it will contain a lot of selective compression including short trains and short platforms. That and the additional research hurdle of living far away drives me into freelancing.
Plus, living in the US, I feel less compulsion to build a fidelity model.
I will be doing the inverse of a British modeller's generic "America". I plan something that hopefully has a "West country" feel. In some ways this will make it harder to look 'right' as opposed to a big train set, but that's the plan.
I think there is a trend in the US for more faithful representations of a real place - with the usual accomodations for selective compression of course, but freelanced locations with RTR stock remain popular here.