Purple Panic isn't actually purple, it's more of a fuchsia - a shade that lies between pink and purple. I think that they put a large dose of pink into the shade because it is meant to be neon, and you can't make straight up purple shades neon as they are too dark. I'm not sure if it's a true neon; on one hand it's bright enough to class as one, but I think that true neon polishes kind of glow in the shadows, which this shade doesn't do. The polish does dry to a matte finish like China Glaze's most well-known neon polishes though, so maybe I'm just being too picky.
As it's a matte polish, it dries very quickly (under a minute). It doesn't need a white base, and is streak free in 2/3 coats - it depends on how thick you apply your polish.
And now for the bad news; the wear time for Purple Panic is very poor - even among China Glaze's other brights/neon matte finish polishes. It always chips on me within one day, and I've tried different base/topcoat combinations that work well with my other China Glaze polishes.
Even with this huge downside, I still adore Purple Panic and regularly wear it. I'm not too sure if I recommend it or not - maybe to someone looking for a mega-bright purple/pink polish to wear with a certain outfit on a special occasion.