There are some points to be clarified about this matter
From the end of 2014 and starting 2015, H maker and KW released new improved Luminor 44mm casesets. Noob was already applying a new caseset called V4 but only in the PAM 390 model.
H maker
H maker new caseset has an impressive finish, accurate shape, and the appearance is very good, but the edges are really sharp and to get complete accuracy they need to be rounded. The bezel profile is also a bit inaccurate because the transition edge is sharper too and the basement seems a bit higher than gen (this height is enhanced by the sharp edge and the bezel profile seems a bit weird). The crown is “slim” and accurate. H maker CG is now almost at the same level as Noob. The main problem at this moment is that H maker is using old and new parts mixed in the new casesets and the production is also a bit inconsistent regarding quality. Maybe in the near future all that will be corrected and we will be able to enjoy completely these nice casesets. Although the inaccuracies above commented the caseset is really nice and the appearance is awesome. We can say that this new H maker caseset is better than “old” Noob V3
In relation to dials, sandwich dials are still better in Noob (more accurate and deeper) but in sausage dials H maker has introduced important improvements and the appearance is more gen-like than older versions. The lume structure is not yet like gen (deep cavities filled by lume material which remains flat and a bit recessed) but the appearance is more gen-like than before. Without a loupe you can be fooled by the rep sausage dial. Anyway Noob is also working in those sausage dials and has also improved the quality. We would need more info about these dials to make a decision
Noob
Noob V3 caseset is already surpassed IMO by new H maker and new KW, and mainly by the new Noob V4. Noob V4 caseset has accurate shape and the finish is very good as usually, bezel is accurate like in old V3 and the lugs and lugs insertion to the mid case are completely improved. Noob has introduced a new and nice “slim” crown, has improved the bevelled of the crystals, has even improved the CG and the CG pin and some units feature an improved CG lever shape (this shape is still a bit inaccurate and it is not applied in all units). Noob sandwich dials are really good as always and keep the best option at this moment. Regarding sausage dials, as above commented, Noob has improved the accuracy but we have not yet info to make a wise decision.
Anyway when Noob applies the new V4 caseset in every model and corrects the shape of the CG lever they will be not easily surpassed.
IMO Noob V4 caseset is the best current option and a sure value
KW-V6Fac
New KW Luminor 44mm caseset is still a bit unknown, the shape and finish are really promising, CG is at the same level as others competitors and the more evident flaws remains being the lugs holes position a bit higher than correct one.
We would need to get more info about these new KW cases and their evolution in order to make a decision but they will be a serious competitor. Anyway this new KW caseset is better than “old” Noob V3 IMO.
As you can see, very good moves from makers and really promising future, but actually bad moment to make a decision about a Luminor 44mm
ALE