Not as bad as Trend Micro, but just about. I specifically told Panda to not auto-quarantine items, but instead to ask about each instance.
Like other antivirus software, it now treats tracking cookies as an infection (which I hate, since it falsely tries to convince uninformed users about the importance of their antivirus software). This annoyed me, since there is no way to tell it to handle tracking cookies automatically, but ask about other issues.
The final straw was when it began declaring AutoPatcher a virus, and quarantining false positives… again, even though I specifically told it to not auto-quarantine anything.