Hi Vernon
I own the Senator Navigator (panorama date) and, you may be interested to know, traded-in a solid steel G.O. Sport Evolution Chronograph to get the Senator Navigator. My AD also carries the Blancpain and I have closely examined both the Fifth Fathoms as well as G.O.
In my opinion, the Fifty Fathoms is one of the best-made and artistically beautiful "diving" watches I've ever seen. I would buy it in a heartbeat. The movement is an automatic Calibre 1315 derived from a movement first shown by Blancpain in late 2006. The movement is, I understand, very updated and durable (it does not use a swan-neck regulator but instead has a free-sprung balance regulated by screws).
Also in my opinion, the G.O. Senator Navigator is the best pilot watch made today. I did buy it...in a heartbeat....and traded-in a G.O. diving watch to do it. Whereas the Sport Evo uses the older and less flexible Caliber 39 movement, the Navigator uses the newer and more flexible (so I'm told) Caliber 100 movement.
The Blancpain, at 45 mm, is slightly larger than the G.O. Sport Evolution (42 mm) but the Senator Navigator (presently on my wrist as I write this), at 44 mm, is pretty close in size to the BP FF. I do not believe Blancpain offers a metal bracelet for the Fifty Fathoms (the Navigator doesn't either, at least in its current inception) but the G.O. Sport Evolution does (its bracelet is viewed by many as one of the best metal bracelets ever made - it incorporates an ingenious micro-adjustment mechanism that can be used on-wrist to customize fit perfectly).
The Blancpain FF, built in Switzerland, is not COSC certified (that really doesn't matter to me). G.O. watches, built in Germany, are built to meet the standards of the German Institute for Standardization (DIN). Both can be expected to be highly accurate -- I have found my G.O. Senator Navigator to be faster by +2 seconds per day -- placing it well within both DIN and COSC standards (though DIN tests for accuracy in a variety of environments and I haven't done that).
Whereas most people would probably not put the G.O. Caliber 39 (used in th Sport Evolution) quite on a par with the Blancpain Calibre 1325, most would put the newer Calibre 100 (used in the Navigator and other Senator-line watches) on a par with the 1325. In other words, if it's "movement" you focus on, the two watches you are looking at are probably pretty much equals.
You've probably done your research on both the Fifty Fathoms and the Navigator and, by now, know that in terms of their historical lineage, they are both very much the "real deal": the FF was first put to use by the French Navy in the 1950s (and designed by a gentleman who earned his stripes in the French Resistance during WW II) and the Navigator is a direct descendant of the watch designed for use by the German Luftwaffe during WWII. Different sides of that conflict, if you will.
So both movements are top-tier and both watches are authentically steeped in history. It really comes down to personal taste. Me myself....I chose the Navigator over the Sport Evo, but if/when I buy a "diving" watch and $$ is (within reason) not a constraint, the Fifth Fathoms would be my unquestioned choice. I've seen the FF on peoples' wrists - it is absolutely beautiful (but you know that already) and the finish is superb.
I don't think you can go wrong either way. So buy both!
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