I have the 111N H-Maker. I've held a Noob-maker in my hands, side by side with my H-maker.
The differences between the H-Maker and the Noob are really small. Loupe stuff. Yes, all the differences above are true. But without the two side by side, or without a PAM expert, you'd never notice the differences - eg. crown guard sharp margins, cannon pin, dial print colour. Even the engraved vs printed blue OFFICINE PANERAI on the movment bridge is tough to tell the difference without a loupe.
The MAIN difference I would consider paying the extra $$$ for, is that the H-Maker above has an 18000bph movement, and the Noob a 21600bph movement. This is unfortunately for me, an obvious difference - the H-Maker has a more obvious tick on the second hand. If held next to a gen PAM, or someone who knows PAMs sees it, its a giveaway that its a rep. Then again, a PAM afficionado would know your Noob is a rep just looking at the swan neck or incabloc.
The cheapest Noob I could find was $268. The cheapest H-Maker I could find was that one Smokie quoted above from Trevor for $158 (in fact, it was Smokie who pointed me towards it on my very first thread). So for me, it was a $110 difference. And I didn't feel that another $110 was justified for the Noob's improvements. I put the savings into getting a better Hublot.
PS you left out above that the H-maker crown is more accurate to gen than Noob, so pros and cons to both.
PPS I also recently held a PAM177 gen in my hands and besides the titanium vs steel of the 111, I found it sooooo close to the H-maker side by side.
Bottom line - all the differences besides the 18000bph vs 21600bph quoted above amount to REALLY small things that are not noticeable unless you are actively looking for them. If 1 in 100 people know what Panerai is, 1 in 1000 may know what model you have, and 1 in 10,000 may be able to tell its a rep. So - up to you if the movement speed is worth the extra $110.
