I have a Panerai PAM 312 and a Rolex Sea Dweller (116600). Both different time pieces for different occasions. Though the PAM can be worn in a formal/business setting, I find that I tend to wear it for more casual occasions (probably due to the kind of strap I use). The Rolex I go between casual/semi-formal to formal/business.
With that said, as far as the brands go, I believe Rolex is in a higher league when compared to Panerai. Without question, Rolex hold their value better and is synonymous with luxury. Panerai just doesn't have the same pedigree.
At the end of the day, it is up to the individual.
