It's tricky with pams I feel. I've been hunting for a gen Pam that I would love at I price I can live with, but the biggest issue in the back of my head with Pam is that they're repped so well these days I almost feel like it's not worth the extra money. Most brands aren't repped OOTB as well as Pam is I feel, so I think it's easier to justify going gen with other brands.
That being said, I know a number of people here have gone gen with Pam on models that are repped reasonably well (372, 510, 505, etc). It really boils down to how much YOU love the watch. Also, if the gen Pam you want has an in-house movement makes a difference. If you ever play with a gen Pam with the in-house movement there's a BIG difference in the feel.
I was all set to pick up a gen 388 recently but have now decided to wait for prices to drop a little on the 514 and live with the rep 388.