Panerai has been “challenging” its base for much longer than the snap-back models (for example, the Brooklyn Bridge LE). What it can’t change is the basic goodness of the watch, and, I like to think, real fans know that.
To me, Panerai doesn’t need to “come back”... it’s just different now. Long gone are the days of very limited production, reasonable prices, word-of-mouth coolness, high demand and easy flips for big cash. It’s probably the last one in my list that upsets those who got in late (instead of buying because they like it).
Today, the brand continues to search for ways to make it a long-lasting player, and that’s fine by me. At its core, the watches still look great to me.