The name Larval Mode comes from the Hacker's Dictionary where it means the state of being a novice programmer or techie. The panelists were Eric Raymond and "one of the unsung heroes of the internet" John Quarterman. They did this panel specifically for a group of high school students who travelled to Linucon.
Here are some topics they talked about.
I can't guarantee that I quoted Eric Raymond or John Quarterman correctly, but I tried to capture the essence of what they said.