If the new panic_implementation attribute is missing, the error message mentions the a panic_impl lang item:
error: language item required, but not found: `panic_impl`
Instead it should probably mention that a panic_implementation function is missing.
Edit: Seems like I didn't read it carefully enough. The error message doesn't mention the old panic_fmt language item, but a new panic_impl language item. Either way, a error message mentioning the panic_implementation attribute would be better.