Yes, it's just providing an anonymous inner class implementation of JPanel on initialization. You have probably seen it before with action listeners, Comparators, Runnables that are being handed off to a thread, etc.
scru commented: hehe +3
sciwizeh commented: useful information +1
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Alex Edwards commented: Expert Answer +2
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VernonDozier commented: Code worked perfectly. +5
darkagn commented: Great post with lots of useful info +1
Alex Edwards commented: You deserve a promotion, dude. Epic win. +2
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Alex Edwards commented: Thank you for providing an example =) +2
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VernonDozier commented: Here's some rep for agreeing with me :) and because you've written some good posts that I haven't given you rep for yet. :) +5