I think when you see the letter, that signifies what year gen it was, not necessarily that it's a new rep. If you type in pam292 one of the first threads that comes up is about the H factory release. Your next question will be "is it good enough?" I bought a 380, which has a flaw in the panerai font...it's used on a different watch but not the 380. Of course you want it as accurate as can be, but also NOBODY is going to know this about the watch. Everyone was all up in arms about the flaws of the Noob 292, but I bought one anyway and predicted that as soon as they sold out people would be tearing their clothes and weeping...and here we are. If you aren't sure about buying a rep you are on the fence about, ask yourself if you care if you can never ever have one.
Youre half right. J has the pig on the dial and N doesn't. The J gen was released in limited numbers, followed by the N. Just like the gen version, everyone wants the pig. The Noob N rep was still great but the "Panerai" wasn't positioned correctly.