Pros:
Panther Creek has a good variety of holes from long and open, to short and technical. There's a good enough variety to play well for all players. This makes it a great equalizer. I have witnessed from first-hand experience in my disc golf group that scores are much closer to par here than they are at nearby Yellow Creek. Players who can shoot -10 on average there, shoot around -4 or so at Panther. It is not a simple course.
A lot of holes at first glance may seem very easy, for example hole 1. It is not very long and wide open. What makes it a tough hole that I struggle to get par on is the OB. Panther Creek has a good amount of OB that makes even the wide open holes very technical.
There is lot of wind at Panther as well. A round there with average winds of 15 mph is a lucky break for you. Most of the times I have played at this course, there are sustained winds of 20-30 mph. This makes these open holes even more challenging. This really comes into play on a lot of the front 9 holes and hole 18.
Hole 13 is an incredibly short hole that you can dare to ace run, but can punish you if you go long as there is a steep drop past the basket. When the creek is up, your disc could easily fall into it. The same comes into play on your up-shot/putt on hole 15. This makes things a bit more fun.
I also love some of the little hikes in between holes.
Cons:
There are a few holes that you must throw down the trail of the walking path. You should be able to see somebody walking, but I worry about a runner or little kid showing up out of nowhere and getting hit.
There are some holes without a tee pad, but there is a consensus in the local group where the pads are. For out-of-towners, though, there could be some confusion.
Some signs pointing to where to go next on some holes might be needed in the future. You're not as required now to follow someone who plays the course often to know where you are supposed to go, but there could be some confusion there as well.
I have not played the course in the fall yet, but apparently the field next to park grows tall. I can imagine that's frustrating to lose a disc in.
Other Thoughts:
Panther Creek really is a hidden gem. It's in the middle of nowhere pretty much, and you have to go into the 2nd, lesser-known, entrance of the park to find the course!
There is usually not many, if any, players at the park. So if you show up to play, you pretty much have the course to yourself.
When I started out playing was the tail-end of the crappy Panther Creek. Over the past year or two, the Daviess County guys have really worked hard to get tee pads, new baskets, paint the baskets, trim up some, and really just make it a legit disc golf course. Most recently they've made an improvement to draining the water so the course doesn't get as wet after a big rain.
If you are in the area for whatever reason, it is worth the drive out to Panther Creek. And give a good review if you enjoyed it because the current rating deserves to be a lot higher after all the improvements.