Good question, and it's surprising it hasn't been asked before.
Like many ADs have told me, Panerai is a cult watch, and though I am not much for cults of any kind I admit, it's wonderful to have this insider knowledge of the marque.
It's interesting that the overwhelming votes are going to one of the 3 choices so far, and it's precisely my response (not repeated here so as not to influence votes).
May I just say that any watch which is so masculine, and yet looks so fantastic on anyone, regardless of sex, colour, height, weight, anything -- is a very special watch.
Hardly surprising the masters of design, the Italians, would have conceived it.