Got the Panda home update last night, and after restarting my phone, it seemed to lock up...
But, and this may be a key issue, I also had mylock installed and it sorta took over when I unlocked the screen. I was able to get to a task manager and kill panda home, but each time it restarted it was still locked, no widgets or icons and wouldn't let me switch screens or open the app drawer. Luckily the task manager I use let me switch to settings and then make the normal home screen the default. Uninstalled mylock and rebooted the phone, and it came back up working perfect again with Panda reset as the default home app. So, not sure if it was a weird Panda issue or one with MyLock.