Panning is lots of fun. You should try it. The recipe is also pretty simple.
1. Find something that's moving. (In this case, it's a car. But it could be a bicycle, or a skateboarder, or even just a person walking.)
2. Make sure your shutter speed is kind of slow. I used 1/50s here, but that's because the car was moving fast. Usually I like 1/30 for vehicles, and 1/15 for bicyclists and people. But you have to find your balance. If too much is blurry, speed up your shutter. If it's not blurry enough, slow it down.
3. Track your subject with the camera. I like to use burst mode here and just take a bunch of shots while I move the camera with the subject. Out of three or four shots usually one is pretty good.
4. Practice! Chances are that your first tries at panning will suck. Mine sure did. But you'll get a lot better quickly if you just keep at it.
If you have any great pan shots, please feel free to link to them in the comments. I'd love to see yours.