Either of the two would be a great choice. Since you already have a Sub I would get the Panerai. My dad's owned a few Panerais the past year and has loved them all. A PAM111 will definitely be in my collection in the future.
Agreed. The Sub and the Explorer II are similar enough that I'd say stick with one or the other and get the Panerai as a complement. Although, personally, for similar money I'd get a chronograph from Breitling or Longines.
Get both! The Panerai and the new Rolex Explorer 2 with a white face are on my shopping list too.... to be honest I would be tempted to let the the SUB-C black go in favor of arriving at the above duet of lovelies
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