I received the same "panic" error on my Classic II. I re-loaded the base.tgz dated 6/10/2001. The latest build. Fixed the "panic" error and I now execute the reboot function with no problems. As for the shutdown function, the Classic II doesn't have an auto shut off, must manually turnoff the system.
Hello all.

I upgraded to 1.5W via sysinst earlier today which was very successful.

However, when using either "reboot" or "poweroff", I get a kernel panic 
just after NetBSD doesn't trust itself to update the RTC on Shutdown.

I can then type "continue" whereby the core dumps, and "reboot" and it 
works. Seems a little odd, though.

This is the Generic Kernel on a IIcx.

All the best.

Matthew