Get the traditional ophthalmoscope, and get good at that. I recommend practicing on a dilated pupil at first, if possible. This helps you see the detail and is more forgiving. Once you master the dilated pupil, then the undilated pupil is just a little more challenging. If you try to learn on the undilated pupil from the start, it could be a losing battle.
When the PanOptic first hit the market, I saw it at an exhibit and was impressed. We bought them for our office, and subsequently discovered how worthless they really are. Here are some of the drawbacks:
1. Although the field of view is larger, the image is a lot dimmer. Thus, you need the black rubber eye cup to block out all ambient light.
2. The black rubber eye cup falls off very easily.
3. The black rubber eye cup touches the patient's skin, so there is an infection control issue to consider.
4. The shape and design of the scope makes it very easy for the newbie to look down the wrong end of the scope. I can't tell you how many times I have done this.
All things considered, everyone tends to prefer what they learned on. I learned on a traditional, so that is my scope of choice. I know folks who swear by the PanOptic.
In my humble opinion, if I had to spend extra dough on an ophthalmoscope, I would buy a Keeler traditional ophthalmoscope over a Welch Allyn PanOptic. The optics in the Keeler will knock your socks off, if you are willing to spend the money.