I have both. The 312 is my favorite Panerai that I own. Yet it does sit big on the wrist. I find after 3 days or so it starts feeling clunky. The 312 is really a sweet looking watch. The 111 wears much more comfy to me, and can be dressed up or down easily. 312 is more elegant and not as much of a tool watch. I am happy to have both, not sure if I could only have one, which I would pick.
Just living the dream waiting for the next PAM