There are many excellent programs for “cloning” your drive. My recommendation here is SuperDuper! from Shirt Pocket. It boasts a unique Safety Clone feature that creates versions of your old (Panther) and new (Tiger) systems on two separate volumes. Both systems remain current with the files in your Home directory, so you can easily revert back to Panther if desired.
(Via Macworld’s Tiger Installation Guide—Thanks, Ted!)