I received the K & C Panther yesterday and overall (meaning everything that you receive) I'd give to the edge to K & C. However, with respect to the Panther itself, I'd give the edge to the HB Panther. I've said before it's the total package, not just the vehicle. I have the following observations:
Panther Box
I prefer the K & C box, much more interesting and well put together. The HB box didn't seem as sturdy.
Packaging
There's no comparison here. It's a slam dunk or "clean sheet" in soccer parlance. K & C packages its vehicles much better. With the HB box it's a wonder that they weren't damaged.
Figures
Another clean sheet for K & C.
Tank
There are pluses and minuses here for both. Some of the details that HB has seem better, such as tracks, and (not sure if this is the correct term) the exhausts on the back. My recollection is that they're nicely done and open (i.e. they have the slats open). On the other hand, I found the way K & C uses colors in the Panther (as with its other vehicles) much more interesting than the HB Panther, making it stand out more as a military miniature and collectible. I believe that Andy's use of colors in his products are an important ingredient in the success of King and Country and his experience as a graphic designer has helped King and Country separate itself from the competition.
However, as I've said, it's the total package, not just one component, and I think in that sense the K & C Panther is better. In areas where the detailing on the HB tank may be a little better, I don't think it will be long before we see that reflected in K & C vehicles, as Louis said on a different thread.