I dropped in to say hi and to leave a watch with him for a clean up.
He knows I'm 'into' watches and grabbed a bag for me to look at - within was what I think was a PAM 250 (Daylight) but I'm not 100% sure because I'm positive the engraving on the caseback had a fish, but the Panerai website picture does not show one. It was on a Panerai stamped rubber strap with a Panerai engraved deployant. It felt solid and looked exceptionally well made (as I would expect from a Panerai). Unfortunately the watchmaker had not yet opened it up and so was unable to confirm I was looking at the real deal.
I think I will have to go back with my camera and put some pics up here, because I would hate to be getting excited over something that says it is what it isn't (you know the word...).
Unless anyone knows about the engraved fish on the caseback, I'll update this with some pics when I can.
On a side-note, he showed me a Raymond Weil 'tank' style watch in solid 18K gold, with a smashed crystal. He had already replaced/repaired the damaged crown stem but wasn't able to get an AR coated crystal (as the original is) so has put the job on hold until he can get something made. Boy that watch 'breathed' class, but to be honest, I'd still prefer the PAM
Update: A quick Youtube search shows the caseback with the small fish engraved next to '100m' to show the level of WR for this model, so no problems there after all.