This is the thread you want to read:
http://forum.replica-watch.info/vb/showthread.php/ultimate-pam111m-teardown-86121?t=86121
Basically, Noob is almost 1:1 entirely, H factory isn't. New 'N' Version has single sided AR and upgrades to the CG.
Yes it is noticable. However the low beat movement is renowned for being unreliable as well. It's not just a beat rate issue. Don't forget that the 111M is not only an older, cheaper version of the 111m noob, but that the new 111N has the AR and CG upgrades. I have a 111M version and it really is worth every penny. If you don't have a Pam from N factory you will be stunned at the quality. Honestly.
Sharper inner arches and flush lever pin. Also has single side AR and nicely matched lume on hands and dial.
These are just minor upgrades but every little step is a little step closer to gen