Well, extra time makes things more epic, undoubtedly.
And yeah, a Panenka is a straight shot, preferably slow. Thing is, since most keepers invariably jump in an attempt to at least cover one side, the centre of the goal is usually left unguarded. Of course, if the keeper has really cold blood and waits before choosing a side, chances are you'll simply hand him the ball.
Antonin Panenka demonstrates:
http://www.youtube.com/watch?v=etiLs4M8NCg
Pirlo's attempt goes wrong:
http://www.youtube.com/watch?v=u3uAurHNHDg
(He got one right too:
http://www.youtube.com/watch?v=yMMD3sBqeac)