I'm a massive sucker for Panerai style (limited as it is) although as you say, current pricing makes it easy to get over. Got to be a good thing that they're making the watches smaller - one of my friends picked up a blue dial Quaranta and it's a looker in the flesh.
"carbotech"their proprietary carbon composite.
80% lighter than steel according to their press release.
It's a baby Panerai too at "only" 40mm