A properly designed watts linkage is an excellent piece of work. Unfortunately, when Mazda built there's it wasn't perfect. The geometry is not correct on it. But I have heard of people correcting that issue and retaining a properly functioning watts with great success. I'm sure Billy could tell you all about it.
The only problems I'm aware of concerning a panhard is a tendency to break (like ripping right off the frame rail), and when turning one way it will raise the roll center while turning the other direction lowers it.
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