1. The fact that the OP doesn't like Panerai watches is perfectly understandable. The fact that he doesn't understand why
others like it is not.
To each his own, etc. 
2. I got on the Panerai boat very late in the game; the first time I ever saw one was roughly in 2004 on Pierce Brosnan's wrist and thought to myself,
what the heck is that? I know all the big houses, but I don't know that! What's that odd contraption surrounding the crown??? And so on. At the time I was wearing my 38mm Chronoswiss Tora, daydreaming of - what else, a
Rolex Sub 
Forward it to 2011 - I need / want a "big" diver. I don't know why, but everything else (incl. my 38mm Tora) looks too small... . Now I'm no longer daydreaming of a Sub, but a
DSSD Earlier on this year, I pick up my Mühle S.A.R. Flieger, which comes to a hefty 44mm...
Now I can't deal with my 38mm Tora -
too humble, for lack of a better word. But the S.A.R. is a bit over the top for a business suit... so then I think to myself it's time to revisit Panerai.
But my, haven't the prices changed a bit since 2004... 
Still, the more I look at them, the more I want one. But before I even consider putting down the $$$ for one, I'm going to get to the bottom of what Panerai is... and I did. I could write volumes, but since most of you don't care for the look anyway, I'll take a shortcut and share with you this:
http://rolexblog.blogspot.co.at/2011...oyal-navy.html
http://rolexblog.blogspot.co.at/2009...-of-rolex.html
Yes,
there would be no Panerai watch if it weren't for Rolex. The very first Panerai, the 2533, was essentially all Rolex with the exception of maybe the dial design (not sure about that). The famous "California" dial - again, right off the shelves @Rolex. Perhaps this is why many Rolex fans have also looked into Panerai and some have even stuck around...
p.s. the official name for the "thingy" is
Crown Guard...