The Panerai PAM-196 (And it's white faced partner PAM-188) are closely copied by utilising a modified version of the ETA 7750 Movement.  This modification is apparent on replicas because it forces the date wheel to be to "deep" in the date window.

Panerai PAM 196 Daylight Swiss Version

Replicas of this model have fixed the misplaced datewheel by using a genuine ETA 7753, but this example has the default ETA date wheel, not the correct date wheel with the font that Panerai uses.  These flaws are typical of the replica industry.

Panerai PAM-196 using ETA 7753

Compare to Genuine Panerai PAM-196s on eBay

Panerai Mens Luminor Chronograph Daylight PAM 196 B&P US $6,800.00 Auction Ends: End Date: Sunday Sep-12-2010 11:56:06 PDT Add to watch list

Panerai Luminor Daylight PAM 196 Chronograph 44mm US $4,000.00 (0 Bid) Auction Ends: End Date: Monday Sep-13-2010 20:16:20 PDT Add to watch list

Panerai Pam 196 Daylight US $5,300.00 (0 Bid) Auction Ends: End Date: Wednesday Sep-15-2010 21:09:50 PDT Add to watch list

Panerai PAM 196 G Luminor Daylight Chronograph 44mm US $6,995.00 Auction Ends: End Date: Friday Sep-17-2010 9:41:39 PDT Add to watch list