Dictionary.com/ersatz (etymology):

ersatz (AIR-sahts; UR-sats) adjective

Being an imitation or a substitute, usually an inferior one; artificial: ersatz coffee made mostly of chicory. See Synonyms at artificial.

Source: The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2000 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.

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adj : artificial and inferior; “ersatz coffee”; “substitute coffee” [syn: substitute] n : an artificial or inferior substitute or imitation

Source: WordNet ® 2.0, © 2003 Princeton University

While not too uncommon ersatz has an air of sophistication which might be easily lent to some “high falutin” situations.