TLDR: Big enthusiast of the Panograph, so I wrote a bit more than expected.
I bought a Panograph secondhand in 2009. Likely due to this forum - I’ve been semi-active here for a while. I visited the factory in 2010, a side trip to a conference. At the factory, I bought the new’ish-at-the-time Glashutte adjustable bracelet and I’ve kept it that way since. I can say I find it is business casual in this configuration, which is my style, as I don’t dress formal for my work. Despite being a fairly substantial watch with the bracelet, the wear comfort is superior.
The fly-back button does not have a spring snap; you just sort of press it in and it works. The revised Panograph fly-back button has a springier feel. Fortunately the actuation, via the stop-start button, has outstanding feel. It is a treat to operate.
The contrast and legibility provided by the black polished steel hands is surprisingly good. I do not yet need reading glasses. As long as your eyesight still good, the time is easily read at a glance. The elapsed time is easy to read off as well, at least until 20 minutes has passed. The smallest of the minute totalizer hands is but a tiny red speck. When your eyesight goes south, at least you’ll be able to read off the big date.
In general, the dial is well thought out and the quality of execution becomes evident when you spend time looking at the dial from different angles in good light. Like other early Pano models, the dial just oozes understated quality. So too does the case, with a multi-piece bezel construction, varied surface finishing and excellent haptics.
As for the Calibre 61 movement, the architecture is fantastic and the finishing is good, not great. I am not sure if the Cal 60 and Cal 61 were derived from basic manual wind movements, but I’d be interested in knowing their origin story. You’ve already read plenty about the movement’s traditional features; they are the familiar bullet points that have featured on every iteration of the Glashutte Original website. If you’re focusing on post-crisis mechanical chronographs, you won’t find many nicer options in this price range. The F Piguet 1185 bears mention, but it is automatic and many of those watches have not aged as gracefully as the Panograph.
The movement is befitting a far more expensive watch, with servicing costs to match. Expect to pay about 1000 USD for servicing, but not much more. I sent mine in for servicing in late 2013, so it is due again, but it is still running well. These watches will always have to go back to Germany, but I found the service team communicated well and the watch was back on my wrist in eight weeks. No after-service surprises either. The ownership experience has been excellent.
I still wear my Panograph frequently, even after ten years of ownership. Sometimes it will sit in my drawer for a month or two, but when I put it on again, my enthusiasm is renewed and it gets frequent wear. It is a watch of a different time, a time when Glashutte Original was focused on delivering bang for the buck. It is not surprising that the Panograph was moved upmarket for its revision a few years back. A shame, as it wouldn’t hurt the brand to have a quirky chronograph with true classic DNA, one that is accessible to watch-crazy people with more modest means. I love the Cal 37, but that is a thoroughly modern movement, with excellent performance, a reliable design and simpler finishing.
A quick photo. It was on my wrist today. I’m a lefty, so I wear it on my right wrist.