As usual, incredibly detailed research by Jose Perez. The good news is that the movement in the 203 is, in fact, from Angelus, however, with more modification and parts re-manufacturing than Panerai admitted at the time of the 203's release. Jose's article highlights the tension between the production/manufacturing side of a business and the marketing/sales department. The advertising materials may not perfectly reflect how the "sausage was made". The 203 sure is a beauty, regardless, and unless I were starving on a desert island, I'd take a 203 over any sausage ;-)