I apologize if I'm resurrecting a slightly old thread here but have been reading it tonight with interest and maybe have something to add!
I did not think I was susceptible to any sort of panic but a weird episode 10 years ago taught me differently.
I had about 600 dives up my sleeve at the time and had just arrived in the Solomon Islands for 3 weeks of touring and diving. The name of the wreck and the exact location escapes me but I can remember the day very clearly. There were four of us, the divemaster was showing two relatively inexperienced divers around a Japanese wreck and I told him that I would follow but may split for a while to get a few pictures of the stern at about 100 feet or so. It was my first wreck dive in the Solomon's and I was still using a (relatively) huge housed 35mm system with twin strobes.
The dive went well and at about 80 feet I watched the trio head off along a deck then I drifted down alone to get the shot I wanted. I had heard that the stern was hanging over a dropoff and planned to get a profile shot of it from below silhouetted against the noon sun. So down, down I went and somewhere around 130 to 140 feet I leveled in mid-water then looked through the optical viewfinder up at the wreck above me. A sudden and inexplicable "discomfort" spread over me and I really didn't feel right at all. In a moment all I wanted to do was be at the surface and there seemed like a lot of water between me and there. My pulse was racing, adrenalin was pumping and it was an effort to keep my breathing slow and steady- then I swam steadily back up to about 70 feet and clung to a rusted railing on a deck. It seemed like the railing was re-assuring, I stared at it from a few inches away and focused on breathing and re-assuring myself that all was well- it worked and within a minute I was sort of OK!
I was able to spend another comfortable 20 minutes on the wreck getting some decent shots and all was well, but I remember the sensation of impending panic well and it was a sobering experience.
It has never happened in another 600 or so dives since but I think I am a better diver as a result and always tell novices about the importance of recognizing stress, stop, control breathing and self reassurance then make a controlled move to a more comfortable situation.