The panic.log isn't ment to be understood by a normal user. It's for the engineers at Apple, developers, sysadmins and the like.
Besides, you'll never get a kernal panic. It's a kernel panic. 😛
Hopefully you'll never get a kernel panic at all, so you don't have to worry about it. I have only ever seen it once and I've been using 5 different Macs for around three years