Thanks to a gentleman collector I had the chance to see the PAM 390 special edition today. A few months ago Panerai announced the Luminor Base PAM00390 to be sold exclusively at Panerai boutiques. It has a 44 mm steel Luminor case, tobacco dial (painted, not sandwich) and gold hands. It is delivered with the wonderfully textured Assolutamente strap; the strap on the watch pictured is not the original strap.
Case back is solid, engraved with a mini submarine, and the movement inside is the Unitas derived OP I movement. Essentially this is an entry level watch, a PAM000 Logo fitted with a different dial.
2000 pieces will be made, insufficient to meet all demand of course. These are already available at Panerai boutiques.
Retail is a reasonable EUR3400 or so. But given the frantic demand for this watch I am sure it will be trading at a premium (or already is).
Between this and the other vintage looking Luminor for 2011, the Luminor 1950 PAM372 , I very much prefer the 372. The PAM390 is trying too hard to look vintage, in my humble opinion. But like I said, this will be a hot watch.