I have a question about Space Panic: is the reason for its limited appeal due to the horrendous sound effects of the original arcade version? The ColecoVision port released in early 1983 was the only home version of the official game (an unofficial port called Apple Panic was released for the Apple II).
The reason the arcade version wasn't very good audibly: the sound that occurs when a monster falls in a hole you just dug, sounds like a telephone ringing. On the CV version, however, it sounds rather like a siren. Likewise, the sound that plays when your character dies on the arcade version is just an exploding "boom" sound while the CV version's resembles a farting sound, which also replaced the simpler beeping sound heard when your character runs and climbs ladders.
Arcade version (1980):
http://www.youtube.com/watch?v=oTNG982glR8
ColecoVision version (1983):
http://www.youtube.com/watch?v=LIoOGTCJ3R8
~Ben