This has been a question that I have been wondering for quite some time - which I have not been able to answer because I have been reluctant to put the dollars down on the new "best Version" 104. What are really the improvements of the new Best Version over the old Ultimate.
I have an old Ultimate 104. These are my observations on what I have pertaining to some of the topics we are discussing:
1. The cyclops of the old 104 is good - but by no means great. The first problem is that the optics are too "centered". Meaning - it started to distort the numbers too quickly when you look at it off center versus the genuine. I think that it means that the curvature is off. This is why a lello DW actaully looks better in the old Ultimates as the Lello numbers are closer togethor than the cartels.
2. The AR is way too heavy. The heavy bluish tint of the AR on the old Ultimate version is not at all what Panerai's really look like. The fact that the cyclops has the tint in it as well (and can be more pronounced in fact) is a major giveaway.
Finally - there are folks who have written that the DW is too small for the 88 because the Datewheel is sunken and too far away. Apparently - the Datewindow cutout - which was the same for all the new Best versions (104, 88, 164, etc) is the same - and was in fact - meant to work for the non GMT's. (no sunken DW).
I would like to know if the new Best version 104 cyclops is better than the old Ultimate 104. By guess, is that it is the exact same thing - hence why I have not bothered to purchase it yet.