I had my first Kernel Panic today. It happened at lunch... well... it happened at breakfast and lunch. At breakfast, I downloaded the 10.3.6 update and it informed me that I needed to reboot. However, good clueless mac user that I am, I just slept the thing like I always do when I'm done with breakfast. At lunch, I opened it up, and it immediately panicked, probably due to the fact that I had Safari open. Anyway, I rebooted, and there seems to be no ill effects.
Between the two meals, I did get some sort of foodstuffs on the bottom of it, but nothing to panic about.