I have the Penom black Milanese loop. I also have the silver and "space grey" Apple Milanese loops (there's a story there but I'll leave it out).
Long story short, the Penom compares favorably. Apple Milanese loops have more metal in the links, which seems to make them less likely to snag materials (such as towels; although it's not like the Penom catches cloths left and right, so far it's just been towels), and makes the band itself a bit more "stiff." If you hold your hand straight up, the outer part of the band (the part that is looped over and contains the magnetic bit) sags a bit with the Penom. It's not like anyone will really see that and I actually like that look, but it's a difference I've noted.
Here's an example of what I mean; this is a side profile of the Penom (black) with the genuine Milanese loop (silver):
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Click the image for a full size to examine it in a bit more detail (and my apologies that you can't zoom in too far without losing detail... iPhone photography). If I can find the time I'll redo this image to be taken with my DSLR and a proper macro lens, and to include the genuine space grey band, too.
Here's another close-up image showing the weave pattern, again comparing the genuine silver Milanese loop with the Penom black:
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Regarding the the magnet, it's either weaker or better-shielded on the Apple bands than the Penom. As far as wearing it goes, I don't find myself needing to readjust the strap with either. When you take it off, the Penom tends to get all bunched up as multiple parts of the band are attached to the magnet. With the Apple bands, I fold the magnet over once and the rest of the band doesn't seem to suffer much attraction to the magnet. This can be a negative or a positive, depending on your expectations and whether you're using a stand for the Apple Watch.
If you're considering the Penom black versus the space grey (which is what I'm assuming, given that you quoted $199 as the price), then there are two other considerations. First, the magnet on the genuine Apple band is black, whereas it's silver on the black Penom. Doesn't matter because you won't see it while wearing it (or practically ever, since the magnet tends to bunch up onto the rest of the band even when you take it off), but worth mentioning. Second is that the Penom is blacker than the Apple space grey. Nobody would mistake the genuine Apple band as being silver, and I find that I actually prefer the space grey over the pure black. I think that the space grey pairs up nicely with the space grey aluminum watch, whereas the pure black might compliment the black stainless steel Watch a bit more.
Either way, I'm keeping all three. The space grey genuine Apple is my current most-used band, but I'm keeping the Penom for times when a darker black would be better, or if I think my band might get subject to more wear and tear on a certain day than usual.
Any other questions, feel free to ask.
