Depends what you are trying to do. My understanding is that in the EXPAND MODE everything is saved. In the PANEL MEMORY MODE only the sound is saved.
I always work in the EXPAND MODE and if the PMs, rhythm, performance pads, split point etc., are to be the same then I go to Page 2 of the EXPAND MODE FILTER and switch the relevant buttons 'OFF'. This enables you to go from PM1 to PM2 etc., without activating any of those buttons.
However, if the PMs are to be varied I save each panel memory with it's own setting and for this the buttons must be switched "ON"
i.e: Waltz - would have a waltz rhythm, a waltz performance pad and possible a transpose saved to PM1. Pm2 would have a Quickstep rhythm, some sort of jazz, Big Band, Country or Dixi Performance Pad etc.
When all 8 Pms/Banks are set how I want them, I save to either floppy or SD card.
There is also a 'Performance Save' in the 'Save Technics Format' which does just that. It will save exactly what you have put in so if you have the Expand Mode switched 'off' you will get just the sound when you expecting to hear the changes made i.e. different rhythms, pads, tempo etc. hence the reason I always work in the EXPAND MODE.
Hope this helps.
Aud (U.K.)