This is a great post and the responses so far have been really fascinating.
Here's my contribution :
My first Panerai was the PAM 90. I've owned that plus the 292, 307, 127, 000, 112, 390 and finally the 249 (in that order but not all at once!).
A varied and non-strategic path! I've now ended up with just 3 - the 127, 390 and 249. I have a 372 on the way.
As you can probably deduce, 4 years into discovering Pams, I am now decidedly a base/least complications and 47mm freak!
However, the blip in this 47mm path was the 390. I stumbled upon it by chance in a local dealer's and everything that's been said about it cannot begin to describe its special appeal. Suffice to say that this is one 44mm Pam that will be the anomaly in my collection (unless I can get my hands on a pvd t dial version some day!).