The goal of this panel was to discuss the state of the art in simulation optimization research and practice. The participants included representation from both academia and industry, where the latter was represented by participation from a leading software provider of optimization tools for simulation. This paper begins with a short introduction to simulation optimization, and then presents a list of specific questions that served as a basis for discussion during the panel discussion. Each of the panelists was given an opportunity to provide their preliminary thoughts on simulation optimization for this paper, and the remainder of the paper summarizes those points, ranging from assessments of the field from their perspective to initial reactions to some of the posed questions. Finally, one of the panelists who has worked on an online testbed of simulation optimization problems for the research community was asked to provide an update of the status of the Web site.