From what I can tell, there is a very substantial pricing differential between these two models when solid steel versioins are compared. Both appear to use the same PP movement (Cal. 324 SC). What accounts for the substantial price differential between Nautilus and Aquanaut?

Thank you for the explanation(s). The jist of what you and Dje seem to be telling me is that the work on the metal bracelet and the nature of the case construction on the Nautilus do translate into a price differential. But I guess I'm still a bit jarred by the 'amount' of that differential.
One purely subjective comment that is reflective only of my own personal predilections: If I'm going to purchase one sport watch from Patek Philippe (a brand which, in my estimation, sit with Lange at the top of the horological food chain), I'd ask myself: why would I spend this level of money for a watch (the Aquanaut) that, in some respects, appears to be PP's lower-cost option without the level of sophistication in case construction of its big brother (the Nautilus)? But that's just "me" and has no bearing on the merits of the Aquanaut, which are prodigious indeed.
As far as I can recall the new Nautilus line (at least the 5711) also has 3-piece cases as opposed to the original models where the ears actually served as part of the construction (hinges). For me this makes the ears now a mere design element and redundant.
Am I mistaken?