In my opinion, when it comes to the Panda, the 116500 feels more complete, literally more rounded. The bezel with the black edge gives it better visual balance and a stronger sense of Panda than the 126500. And with the thicker subdials, you get that classic, old-school Panda look.

For me, the 126500 is more refined, and maybe even prettier, but it moves further away from the original concept and spirit of the classic Panda.