It used to be free to IT professionals, but alas, no longer.
It automatically downloads updated virus definitions. It also removes viruses. It also acts as a firewall. You configure the firewall just by running it. As various programs attempt to access the net, it asks you if this is OK and it remembers your requests in future. It much quicker than Norton Antivirus if you configure it to scan executable extensions only. I found though it hung every time I tried to get it to scan all files. It will look inside *.jar and *.zip files. It has an option to control CPU load, so that you can still use your computer while the scan runs in the background.
When configuring the firewall, make sure you click the security tab, and configure each of your network adapters allow incoming and outgoing connections from/to other computers on your LAN as appropriate. If you disallow a connection, the other computer will just freeze when it tries to access you, with no error message.
I have found two bugs in it, and the Panda people have not been able to resolve them. One is a virus that crashes Panda when it scans and encounters it. One is a program I wrote myself it thinks is a virus and cannot be persuaded otherwise. It keeps deleting my program.
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