I just got mine last week from BugEye and it's the taper down kind. I'm impressed with the color and texture matching the FZ20's body.
If the adapter was just a little shorter. I could fit it in the semi-soft case (PS-075), of course the lens wouldn't extend then !
I find it easier to find and use the manual focus ring than using the Pana supplied one.
The screws are visible on the front of the focus ring. I don't look at that end much, and I don't think I'll bang it around to test the worry factor.