Vanatic-- I thought PAMs were ugly when I first came on the forum three years ago, but I have to admit that my attitude towards them has changed as I've gotten to know more about them. Whereas before, I thought they were just ugly, I now think they are ugly, silly, and completely ridiculous.
I have long maintained that they look like Fisher Prices' My First Watch. PAMs are silly, silly watches. And for what they are, the gens are the most profoundly overpriced watches out there (yes, beating Rolex by a mile).
So you're not missing anything. PAMs are silly watches.
One caveat. I do like one PAM model-- the 42mm Radiomir dual chrono. Of course, the reason I like this watch is that it looks nothing like a typical PAM. And they don't even make it anymore (at least on the rep side), so that should tell you something.