I know this thread is quite old but, I just have to say the following.

Jan 1 2006
PowerBook G3 Series Rev 2, 266Mhz, 256MB RAM, 40GB HD, 10.3.x client.

The OS you see is 8.6, IIRC I copied the contents of the disk image on an iMac restore CD.

I can't do this again though as I no longer have any Macs running Panther. (My PDQ was the last and aside from being upped to 300Mhz, 384MB RAM, Linksys WPC54G, macally FireWire PCcard, it is running Tiger better than Panther(always has) so I have no reason to go back.)

I might consider installing 10.3 on some of my other hardware though and testing Mac-on-Mac again.