I'm with kbiz on this, the same sentiment about new models thoroughly trumping old ones will be reiterated over an over again until most people realize that if it sounds too good to be true - it is. The newer reps might be a bit more polished in some areas like case finish or nicer a/r or a crownguard with a rubber bushing, etc., BUT they'll never reach the coveted sum is greater then the parts status of the old Honpo and EL 27,28,29,63,187,194,188,196 models.
Most of the rarer old models with premium Swiss movements were produced in very small quantities, I'd be surprised to learn that there are more than 100 of the original Honpo 29's out there. Whereas the new models are produced in quantities far exceeding Panerai's own production numbers. They're cheaper because there's even more corner cutting than usual. I'm not saying this because I own oldschool models and want to see them keep their value, I realize that despite years invested into upgrading them with the best custom and OEM parts they're still only reps and are worth nothing in the real world. To me they represent something else - they're friendships forged, knowledge gained and shared, the excitement and anticipation of something that's not run of the mill, "best out of the box" that you can just buy for a couple hundred bucks.
There's a bit of a sell off going on right now but I'm betting there will be some serious seller's remorse down the road and whoever grabbed them will be one happy camper.