On May 4, 1990, the Students' Seminar Series of the Department of Statistics at the University of Connecticut organized a "Research Panel Discussion." The students' committee consisting of Tumulesh Solanky (Chair), Tai-Ming Lee and Saibal Chattopadhyay had invited Professors Peter Kempthorne, Pranab K. Sen and Shelemyahu Zacks to serve as guest panelists. Professor Nitis Mukhopadhyay served as the moderator. The informal discussion touched upon many interesting aspects of statistical research and education. The varied opinions and comments of these expert panelists were undoubtedly most informative to the audience present that day, and it is hoped that such comments will also prove to be useful in the future for the general audience. What follows is a slightly edited version of the proceedings of that lively panel discussion.