Panopto is three things.
A live-lecture recording tool used in specific classrooms. (Info about that use not present on this site. See below.)
A desktop recording software available to download for free to all UW faculty and students. Similar programs are the recording functionality of Zoom, QuickTime, or PowerPoint to name a few. Simply, it's a tool to record what's displayed on your computer screen.
Tightly integrated in Canvas, it's also an excellent video repository that you can use for storing and sharing all your course videos. You could consider it an alternative to uploading videos to Google folders, YouTube, or the Canvas Files section. Important to keep in mind is that you do not have to record your videos with Panopto's desktop recording function in order to use it as a video repository: You can upload videos to it that were made in any software.
iSchool Learning Technologies highly recommends using Panopto as a video repository for Canvas videos. Whereas we do like its desktop recording functionality, what we like even more are its features as a video repository. Below are a few of the reasons.
Your videos, by default, are only available to students on your course roster.
No automatic deleting after 90 days (like Zoom) or storage limit (like Canvas).
Videos stay with your course when imported to a future version.
Excellent player features including auto captions (which also serve as a search index), ability for notes, discussions, bookmarks, playlists.
Easy one-click embedding on any page, discussion, or assignment. Requires no HTML coding skills.
UW IT is working on a future a Zoom integration which will make it possible to automatically save Zoom recordings to Panopto. (*Still in beta.)
For information about using Panopto for live lecture recording in the iSchool's in the iScool's specially equipped classrooms, see UW IT's Manage your Panopto recordings in the classroom page.