After a bit of a hiatus I'm into the newer part of my collection with my Panerai 312. When looking at the initially bewildering PAM range, I soon decided that I preferred a Luminor Marina, 1950's case, sandwich dial, no cyclops, date and seconds only, and ideally an in-house movement with display back. ( I still believe the classic PAM look is time only, seconds at a push, but I need the date). This leads to the 312/320/328 etc range - and I ended up with the 312. Panerai are a marmite brand - some will never get on with the looks, others see them as a cynically revived faux manufacture. I love the look of them though - they are unlike most other watches, the chunky looks actually work as the design is meant to be oversized, and the whole strap thing is great fun (especially when it's so easy to change straps with the quick-release). It is a great casual watch, and with a change of strap can look very smart/casual. I should also add that the case quality and finish is very good. It is however, very easy to catch the thick case on furniture etc so the easy-to-mark bezel picks up damage in no time.
Late 2011 I happened upon a Blancpain Fifty Fathoms in a Xmas sale. I wasn't really looking at the time, but I had always been keen on the new style FF. The FF is IMO in the fairly exclusive "luxury diver" category i.e. useable dive watches by the traditionally high-end manufacturers. It's main competitors are the AP ROO, JLC Divers and (at a push) the Patek Aquanaut. I don't consider the regular AP, Nautilus and VC Overseas as divers (more of which below), and I don't really think gold casing has any place in a dive watch. The ROO Chrono wears too big for me, and I'm not 100% with the dial, the ROO Diver looks cleaner, but is still a bit chunky IMO, so for me it would have to be the FF or a JLC. Also I decided I prefer the 3-handers to the chrono's in both designs.
Now I know there have been split opinions about the FF, both in terms of the design (particularly the size and the "Blancpain" on the side) and the question of whether it's "worth" the asking price. I initially thought the 46mm FF would be too big for me (my wrists are 6.5"-7" depending on temperature/exercise), but actually found it fits surprisingly well for such a large diameter case. This is partly because it's on a strap, but also the length and curvature of the lugs ensure it curves around the wrist slightly. Similarly the writing on the side of the case looks remarkably subdued in real life - photos tend to exaggerate it. I really do feel the build quality is superb - the sapphire coated bezel is lovely, the case is very solid and well finished, and the dial has plenty of subtle detail. By the time you add an in-house 120-hour Blancpain movement, all-in-all I feel it fulfils the remit of a luxury dive watch - and I would say it feels sufficiently special in comparison with e.g. a £5.5k Rolex. It was also the watch I took on holiday as I feel it is a great all rounder - great for swimming and touring around, but classy enough to wear to nice restaurants in the evening. It is perhaps too large to wear with a suit, but in many respects it is a fantastic all-rounder.
My first 2012 purchase was an AP Royal Oak 15300st. The RO is one of the holy trinity of sports watches ; of which the other members are the VC Overseas and the Patek Nautilus. I must confess that I didn't use to really like any of them, but my heart has warmed to all three now. I don't consider any of these quite as rough-and-ready as the FF, as they all have complex, chamfered polished/lapped finishes on the case and bracelet, which mean you do have to be far more careful with them (unless you really dig your wabi). What they all have is that sophisticated sports/casual look (sorry for being Partridgesque) - they are proper high-end watches, but not typical gold case/leather strap pieces.
I think that in all three models the simple 3-handers look the cleanest - I think the more complicated versions tend to water down the purity of the Genta style. Truth is, in an ideal world I'd prefer the Naut - it's a lovely watch, but the price is significantly higher than the other two (especially post discount). Similarly the 15202 is at too high a premium to justify over the 15300 IMO (and that is within spitting distance of the Naut anyway). The problem with the VC is seeing them, never mind finding one at the price you want. So the dilemma was which regular RO to go for, especially since the larger 15400 was imminent. I much prefer the "AP" at 12 on the 15300 (although purist will argue that this isn't historically sympathetic), but the slightly thinner bezel on the 15400 (possibly just relative) makes it a little more like the 15202. Similarly the 15400's longer indices are nice, but look clumsy at the 3 position. AFAIK bracelets are the same. The 15400 definitely wears bigger, even though it was ok on my wrist, but the 15300 is a probably better unless you have really big wrists. Colour-wise the white "pops" the most, whilst the black and blue look more subtle, but still very nice. I suppose I'd have been happiest with the 15300 in white or the 15400 in blue or black - simply because on the white making the watch wear bigger and the darker dials making it smaller. I would also say the black and blue dials veer towards more casual, and the white towards the dressy. A white dial 15300 came up (only 6 months old so still under AP warranty), so my choice was made.
The RO is yet another marmite watch - it is unashamedly 70's, but I would add that it isn't really a retro design as it is essentially a subtle variation on the original watch (a bit like the Sub has only changed slowly over the years, the RO has less). It is also very angular, almost sharp to the touch. If you're a fan however, there is much to love.
As I said above, I think that it isn't really a sports watch in the sense that a Sub is - for starters it's very thin (the 15202 must be like a sliver), and also the finishing is not only quite easy to mark, it's difficult to restore. I don't like to be precious with my watches, but part of the appeal of the RO is the exquisite lapped sections contrasting with the highly polished facets - I really wouldn't like to scratch this one up as the effect will be ruined. Both of these mean it becomes very much a dressy/sporty hybrid - a watch that looks great for work with a suit (and hence why the 15400 in white would look too big for me), but is also suitable for casual wear when you're not doing anything too strenuous. The RO was to replace my IWC Portuguese 5001 - a watch I bought to be an everyday work wearer, and although it was another grail, it turned out to be a bit thick (especially given the delicate bezel-edge), and more suited to smart/casual - the RO white dial is more a work watch that you can also wear casually IMO.
The most striking feature of the RO is it's dial - it really is beautiful - the 3D effect of the tapisserie is not only striking in the way that the indices then appear to float above it, but it also eliminates glare and reflections to make it very legible.
All-in-all the RO is a beautiful watch - the AP in-house movement is pretty (but not stunning), but it has excellent pedigree, and a 60-hour PR is very useful. I would go as far as saying that it is pretty close to being a perfect all-rounder IMO - if you like the 70's style, and you're not afraid of the odd scratch and ding, then it's quite difficult to think of watch that strikes such a great balance between sporty and dressy. If you want to keep it in good nick, then it's an ideal "work watch" - classy, just flash enough, and a very good size (in terms of both diameter and thickness) for all but the very-large or very-small wristed. My only real criticism of the RO is the aforementioned durability of the finish.
PART 3 TO FOLLOW