Panerai has been spinning it's wheels a bit over past years as it issued reiterations of previous models, and now we have a re-edition of a re-edition in the 448 being an update of the 249.
The emergence of the 2533 inspired models is a good step albeit symbolic of Panerai's vision being more to the past than the future; the 449 dial really sings to me. The 399 Rad with that case, crown and Minerva movement will be an obvious winner - price might be the sticking point not to mention on 50 units will be sold by themselves.
I think 2012 is a year of steady as she goes without being too disappointing or exciting. I did anticipate some more dynamic models to counter the economic woes of Europe, but given Panerai probably developed this years launch 3 or 4 years back, models have probably been locked in. Perhaps you are right in describing this as a foundation year.