Since the original poster said that they did not need to sell the 389, I thought I would throw out the idea that they might want to hold on to it for a different look. I may be biased as the owner of a SD 43 and a PAM 389, but I love divers and think my two watches are about the coolest of the breed out there.
Once I scored a SD 43 in Italy this summer, I have to admit I spent less time with the 389 on my wrist. However, it is a fun piece to mix things up and it is an unusual look for Panerai. I really like the titanium case and the anti magnetic cage (not sure what it is doing for me?). I think there was excellent advice earlier in the thread about the ability to buy a variety of straps for the 389. Having a blue camo Horus and an OEM Panerai leather strap that work great with the watch make it very versatile. Plus the easy change bars make it a painless process to change the configuration.
I think part of my feelings stem from my large 7.75 inch wrists. Never liked the 40MM size of Rolex and gave my GMT II to my wife, who loves it. Did not like the dimensions of the Deepsea and waited for the SD 43. It is perfect and likely to be the only Rolex I ever own (unless they make more in the 43MM or 44MM size).
And not to be critical, but I think that Rolex is very much about a design standard and having different SS sports watches is not a bunch of variety. For variety, I have a couple of Panerais, 3 B&Rs (one diver and two aviation) and 2 quartz Seiko divers. And for the field, have a couple of Suunto core watches.
I guess the biggest question the OP needs to ask themselves is if they are a collector? If so, I think a good collection features watches from several makers. If they are just a one watch profile, they should sell the 389 and take the hit and buy the BLNR. Not what I would do, as I don't care for the PCLs, but you should wear the watch you like.
Wished I would have seen this post last year and I would be wearing a much lower cost 389 tomorrow.
Good luck with your decision!
T-Bro