I am just starting out in type design and I am trying to learn as much as I can. I am trying to learn best practices so I do not develop bad habits. I have seen the PANOSE system mentioned in a few places and have looked through the reference documents that I could readily find here and here. But given the age of the documents I do not know if the system is still in use, or if it even was ever "best practices".
Should I classify my typeface using the PANOSE system or ignore it?
What are the benefits of using the system?
Is PANOSE 2.0 the most current version?