Those examples above are the exact reason why I don't own either Rolex or LV. To me, it's arrogant and cocky to actually release something like that. I look for subtle design, not in-your-face over-the-top design. To me, that bag is saying "look at what we can do... sew a bunch of leftovers from other bags together, and still get $45k for them. (hahaha suckers)" and the watch "check this out, we'll take our classy watches and make it look like a strippers dressroom and the will still sell! (ahahaha suckers)"
http://img264.imageshack.us/img264/2...00307fraj1.jpg
http://img264.imageshack.us/img264/2...00308inle1.jpg
The the two above are exactly what Rolex did, but they did it with elegance and class. The Rolex you pictured is the same case, but with a bunch of busy design over it. The Panerai is the same case, but with a few subtle changes in the dial layout/design.
Rolex takes a car and adds some fuzzy dice and a new paint job.
Panerai takes a car puts in some expensive hand stitched leather, carbon fiber (or wood) trim and a super lumed speedometer.