The Moonwatch case with the lyre lugs has become synonymous with the Speedmaster due to the duration it has existed.
The EW 321 is based off an older reference and thus an homage to a different era.
If you just consider the looks, then that is subjective. But try and look further and here is where the 321 wins out. It is a pedigree that cannot be denied, even mythical. If we were to judge each component for both watches it would be different but here, the sum is much more compelling than the parts.
The find the flat link bracelet uber comfortable and since I do not own a new Speedy with the new bracelet I cannot give my assessment BUT I do own a 50th Anniversary Moonshine which has a similar bracelet based on what Robert Jan has stated. That bracelet is also very comfortable.
In the end, it is not really about a value proposition as the new Moonwatch has tremendous value for what it is. Believe me when I say the Ed White 321 feels of higher quality than the other Speedies I own. Again, I cannot say compared to the new Speedy 3861.
You state that someone has to turn the watch over to appreciate and realize the quality of the EW 321, I agree.
If we think this way, why would anyone pay 90.000 € for a Richard Lange Pour le Merite (fusée and chain) when they could get a similarly looking Richard Lange 3 hander for around ~33.000€ ? The case and dial look similar until you turn the watch over. And there is where we will notice the difference. The PLM movement is consider top of the range for Lange and those who choose to purchase one, do it for themselves even though it is not noticeable from the front side, sort of like a Patek with a Tourbillon only seen through the caseback or even a 5078 MR.
The EW 321 is NOT supposed to be for everyone. It does not represent a better value than the new Speedy 3861 BUT if we compare it to other manufacturers and their offerings, here we can see better the value of this piece.
If AP, Blancpain, Bulgari, Cartier, JLC, Rolex, Patek, or VC produced such a watch with the same pedigree as the EW 321 as well as the quality of the movement I would think it would be priced at multiples of what the EW 321 is at the moment. If I am wrong, please correct me as I would like to hear anything that is equivalent being offer ?
If you ask me, the EW 321 is the best modern Speedmaster available in SS. I put it up there with the Moonshine as my 2 favorite modern Speedmasters and these 2 would be the ones I would keep if forced to choose only 2. All others, while nice, including the Snoopy 2 and 3 would rank below these 2 for me due to history, pedigree, etc...