So the kernel panic saga of my Powerbook comes to a close. We bought the machine in May of 2005. Aparently, machines made between April and May of 2005 all have a design flaw with the lower memory slot. My machine's serial number falls into the range of the defective machines ( as can be verified HERE ).
After calling Apple, I verified that I missed the window for a free repair by about 3 weeks. According to the discussion groups over at Apple, I am not the only one that has had this failure outside of the time frame for the free repair. IMHO, Apple should still honor this failure with a free repair. But alas and alack, such is not the case.
Since I only need 1GB or RAM in the machine, I have ordered a 1GB memory module from Mac Sales and I will remove the existing pair of 512K modules and run the 1GB module in the upper (good) memory slot.
My alternative was to have the machine repaired at a cost of > $250.00. And, since this machine is not the last generation PowerBook, I had to buy the more expensive DDR PC2700 module for $99.97 instead of the DDR2 module that the last generation machines used for about $50.00.
So, not the best outcome, but if this is the worst thing I have to deal with, then I am doing OK :)