Reagrding Panerais size. Yes, they are big watches, no two ways about it. But, to argue that that makes it look ok on a small wrist is silly. They are supposed to look big, but they are not supposed to eat up your hand and devour it.
Ill never tell anyone not to wear a watch they love, but lets be honest about how it looks. They are some smaller watches I have tried on that I loved, but they looked like ladies watches on my wrist, so I had to pass. That was my personal decision, and I understand not everyone goes in that direction, but a watch that is too small or too large for the wrist of the wearer, will always look wrong in my opinion.
Here are some pics of Panerais, that while they may be large watches, do not look in the least to be wearing the owner. Warning: Spoiler! (Click to show)
Stitch, both those watches (44 and 42mm) are significantly smaller than the 1950 Luminor or 1940 Radiomir cases (both 47mm). I have not seen a wrist on which the 47mm cases don't look big. They replicate the dimensions of the original watches (and hence, in my book, are the only Panerai watches to collect in the long term), which were worn over wet suits. If you have a wrist on which such a watch doesn't look noticeably big, you have monstrously huge wrists.
Take a look at the 44mm base Luminor you posted. The lugs are already near the point of overhanging. Now mentally add three millimeters more in dial diameter.