I received my panda in the mail two days ago from Jay, and have waited to post my opinions until it got some wrist time (and I got some free time!). Please bear in mind that this is my first rep, so I don't really have any comparison and I am a total amateur, but here goes anyway...
When I opened the package, my first thought was that it was BIG... then my second thought was that it looked BEAUTIFUL! Man - all i had seen was the cheapo Polex reps, and this thing does not compare in any way whatsoever. It is a big chunk of metal with some serious heft.
The face - I had been a bit worried about the face before I ordered, as some had said that it may be too shiny. However, I can attest that the dial looks great. The numbers, hands, and subdials all look top-notch. The subdials do have very slight concentric grooves in them. It is not obvious and you don't notice it until you hold it at the correct angle to get some light into them. I don't know what they look like on the gen, but these concentric circles are very subtle, but they are there. the crystal has a slight convex curve to it, and is also very nice. Bottom line - I can't stop staring at it! Seriously, this is a fine looking watch.
The Movement - I am a definite noob, so I searched around for 2 hours to make sure I didn't mess anything up just trying to start the movement, etc. (As a side note, it would be great if someone could create a very basic, easy to find how-to on what to do once you receive your first rep, how to wind it, any break-in procedures, and even what the buttons do. Seriously, I had no clue... for example, I know that the crown has two levels that you can pull it out to. The second click is to set the time, but I still dont' know what the intermediate click does on this thing.) Back to the movement, it seems to work perfectly. I have used the chrono multiple times to test it out, and it always resets back PERFECTLY. Dead on. Honestly, the long seconds hand splits the 12 marker EXACTLY in the middle, even after using it multiple times. After two days, the watch also still keeps great time. I'm not sure how far off it is, but it is really close - if not perfect. To me, the only question mark is the rotor. You can hear it going around if you hold your ear up to the watch. It is not loud, but it doesn't sound like a nice bearing should sound. There is a slight amount of metal-on-metal noise there. From the sounds of it, there is no problem, and it doesn't seem like it is bad, just....not perfect, that's all. I'm not worried about it. I can't even hear it when its on the wrist.
The Strap - the strap is nothing to write home about, but it is presentable. I have certainly seen worse. In fact, I am going to be wearing it on the original strap for a while to decide what (if anything) I want to replace it with. I may just wear this one out before getting a new one. the buckle, on the other hand is really nice. It is nice and thick with a brushed look - matches the side of the watch case. the "IWC" is engraved nicely into the buckle as well. I'm impressed.
Overall - If you can't tell, I think taht this is a superb watch. Thanks very much to Richard Tracy for putting the deal together, and thanks also to Jay and Angel for the quick shipment. This group buy has been a great deal for everyone, as far as I can tell. Even those who didn't buy through the group buy still get the benefit of the fact that this group buy has brought the price down for everyone else. No excuse now not to pick up this great rep.
Thanks for listening.