Audio Panels
To give some prespective you have to think about where we where jsut 15-20 years ago. The hey day of Audio panels has past. It was almost a must back in the day (Oh I am getting old) when you had approx 7 things to listen to:
2 Audio inputs from two Comm radios
2 VOR Nav (audio to ID the station or listen to TWEBS or Flt Service Station)
1 DME, again ID the station
1 NDB, Non-directional Beacon, again ID station
1 MB, Marker beacon, morris code (----)(.-.-)
Back in the day two Com's and Nav's where needed. The 2 Com's where nice because radios did not have Flip flop display/selection, so it was nice to have one active radio and one standby. Now we have single radios that have flip flops and memory select or can even receive two stations at the same time (Apollo SL30/SL40).
As far as NAV back in the day it was nice to have two Nav's: enroute one for TO and one for FROM the VOR, terminal area one set for arrival and one set for approach or for intersections defined by two radials. Today GPS. No audio or Nav station ID to check.
Most VFR and even IFR planes now have just one Comm (with the handy flip flop and station memory) and one GPS. Some GPS units will interface and tune the radio from it's data base of frequencies, based on the airport or airspace you are near!
Now if you are going to get into a more traditional dual Comm, ILS/LOC/VOR set up an audio panel may be very well needed in my opinion.
If you just have two Com's or even two NAV Com's, you can (as was said) come up with a small toggle to select the radio to transmit with (selects the PTT and Mic). Most radios today have several AUX inputs for audio, so you can feed 2, 3 or more audio inputs thru one radio. To control what you listen to, you adjust the individual radio's volumn to the level desired (from zero to loud). It can be done with out an audio panel.
Is an audio panel nice? Yes, it can be if you have more than 2 or 3 things to listen to. You can go with a new two radio PS engineering Audio/Panel intercom (for just two radios) or you can buy a used NARCO, Collins or King audio panel for a few 100 bucks. Than there are the new fancy audio panels, units that cost well over a grand. Good Luck George