I can't express any great liking for panto, though I enjoy commedia del'arte (the precursor) much more. It is however quite an old form of theatre, and is, happily, well supported by the theatrical community.

The best moments of theatre I've seen (exclusive of The Rocky Horror Show) would be Eric Porter in the title roles of Faust and King Lear at the RSC in the late 60's.

A very brief history of pantomime can be found here, The History of Pantomime.

AndyG