So I went out and purchased this 2012 model Blu-ray player from Panasonic, as I will soon be investing in a 3D TV. This was to replace my Philips BDT3000. Updated the firmware as soon as I set it up.
The first thing I noticed with the Panasonic is that it's DVD up-scaling is nowhere near as good as the older Philips - it seems to add video noise and blocky artifacts, something the Philips didn't do. Also, the player is quiet when playing Blu-ray disks, but makes a noticeable motor noise all the time it's playing DVDs. Sounds like the spindle motor will clap out at any moment.
But the real kicker is that the optical S/PDIF output has failed after about 4 days of use and nothing I can do will make it work again. I have even tried a factory reset - all to no avail. I plug the toslink cable into anything else with an optical output and my Z-5500 works just fine.
The build quality on the Panasonic seems pretty poor and doesn't hold a torch to my Philips. Honestly, this unit looks and feels cheap & nasty, so I will be returning it and replacing it with something that works.
EDITED to fix a typo.