I think it's the bracelet. Admittedly, I've never held the speedy bracelet when removed from the watch but the rep bracelet feels hollow, and even though it probably is as well - the gen doesn't.
chronos666, it is the charcoal on their site and unfortunately they don't have PVD buckles but I came across a seller of unbranded pre-v's etc on ebay the the other day. Will chase them down after work today, hopefully the pvd will match.