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Basically, they were verrrry cool back in the day, Rolex actually made some of their cases years ago.
Then in more recent history they just made HUGE, ugly, weird looking, steam punky watches with bog standard ETA moments.
Within the last 5 years or so they have begun manufacture of their own in house design movements. Overhauled a few cases and realised that people want cool complications, classic displays and don't always want that to be in a 48mm case that looks like a clock.
I think they are heading the right direction, they're actually boasting about how light this steel is, and how comfortable the bracelet sits on the wrist. It's like they actually have a design team now, genuinely shocked.
I don't get Panerai.