It does. I haven't figured out everything on it yet but I'm working on it.
If you download a bunch of themes you can pick and choose which parts to use from them (ie. Icons, drawer tab, wallpaper, etc.) which is useful. It also has "dockbars" that you can customize and put shortcuts into - one of mine has contact shortcuts to directly dial my family.
I know that some of the aHome and OpenHome themes work on Panda but I haven't yet managed to play around with it a lot.
I bought GDE as well the other day. It was pretty good too I just liked Panda's ability to hide icons better (though if someone were to tell me that GDE has that option as well I'd swap back). I have a Rogers branded phone that comes with a ton of apps that I don't use - mostly the Moxier suite - and I don't like having to search through them. Or the icon packs/themes when you don't actually access them through the drawer (access them through PandaHome or BetterCut).