The case has a removable motherboard tray that supports ATX, micro-ATX and Baby AT motherboards. There are seven expansion slots and there's also enough room for three external 5.25" drive bays and four 3.5" HDDs. Cooling is provided by a 190mm front fan, 190mm top fan and an optional 120mm rear fan. The case may be small but NZXT claims it has full expandability; there's room for 10.5" graphics cards, over-sized heatsinks, and even larger dual-radiator watercooling solutions.
At first sight it definitely looks like a nice case for gamers who want a compact case, there's enough room for high-end hardware and the cooling seems very adequate.
Features:
Mid Sized, Extreme Performance : Fitted with dual high performance 150CFM controllable 190cm fans and a dual radiator bracket to provide the best performance, the Panzerbox offers high performance for a mid sized case due to its unique layout. Removable Motherboard Tray: A removable motherboard tray makes upgrading easy and painless. Pure Aluminum: Build in all aluminum, the Panzerbox is light and luxurious, perfect for traveling and showing off at LAN parties. Compared to similar products with high airflow and ATX expandability, the Panzerbox is almost 25% smaller and 50% lighter. Full Expandability: Room for high performance 10.5" cards, over sized heatsinks, even larger dual radiator solutions. Top mounted USB/Audio/ESATA Ports
Here's a picture that shows it's possible to use dual radiator watercooling in the NZXT Panzerbox: