So, based on other threads, it seems the consensus is that Archive and Install is the way to go for Panther (fresh system without the pain of a reformat). I have a few questions though:
1) Does Archive and Install just create a new /System, or does it create new /bin, /sbin, /usr, and the rest? If it creates it all anew, are the old folders moved to the "Previous System Folder" and made visible?
2) Is any attempt made to migrate the contents of the /Library folder? It's probably the biggest moving target in terms of OS-installed items and user-installed items.
3) Does your home directory get moved over in its entirety?
Between custom-compiled software in /usr/local, fink stuff in /sw, and a smorgasboard of stuff in /Library, I'm thinking I'm in for a wild ride upgrading to Panther. Good thing the weekend is (mostly) clear!