I'm pretty sure they both have the same movement. The newer "ultimate" one has some significant aesthetic upgrades like correct gmt hand size, correct cyclp, correct (or closer) date font, correct case back, and AR on the crystal, but they screwed the pooch on the crown guard. I have the old one, and despite the flaws it's one of my favorites, and by the way, has the best crown guard of any pam I have owned or seen on the forums. I will buy the ultimate once fix that POS crown guard, but not before....or I could buy the new one and trade out the better crown guard from my old one.