Well, my friend just dropped by my place and showed me a new rep he just purchased. He has a contact he gets watches from himself.
Anyway, he told me this guy said that this is the newest Panerai rep so he thought he would just buy it for a bit of fun. It cost him about 80usd, so pretty cheap I thought.
My first impression, it looks pretty much like a fiddy (but I am no Pam expert). However, it has a GMT hand (not adjustable), so I think it is a fantasy! The back is a glass display back showing the OP 2002 Three Barrel rep movement. Visually looks close to the genuine (from memory, I don't have a pic of the gen now but recall seeing it here somewhere), however there seems to be one problem. It will not self wind when it is worn on the wrist... it also does not wind when you shake the watch... the only way that you can get it moving is by rotating the watch. Could this be because it does not have a rotor attached? One last thing is the blue letters printed on the movement... some of them seem to have rubbed off... not a good look!
I am just about to go to bed so can't be bothered taking pics, but I will post some tomorrow.