| Xellos03 |
I used the exact same examples as you, highlighting the inconsistency of suddenly giving you a +10 (without going beyond the +5 of Panache), which, to me, clearly shows it's a mistake.
They probably didn't even realize it when they made the change.
But the short answer is YES. I think it's one of the only subclasses that doesn't give you anything when you take it. Panache has become a useless state for the archetype unless you level up two times to get the finisher.
No matter how you look at it, no answers have been given on this forum other than: That's how it is now.
(And yes, it feels like there's a justification for this to make sense and be good, but there are simply too few swashbucklers complaining.)
On the other hand, what's missing is the typical appendix that says it gives you the Stylish Combatant but doesn't scale with level like the original class does, but it doesn't seem like they're going to do that.
So if you've taken the swashbuckler archetype, congratulations! You've lost several upgrade levels while the rest of the archetypes give you something useful.
In fact, it's likely (much more than likely) that you'll never use Panache for anything at all, unless you take the finisher. (Which also seems unlikely.)
In other words: we have an archetype whose definition is that you're a stylish combatant, but we forgot to add a style.
Now it's just a class to take some good feats. But it's lost all its charm.
Of course, it has not been included as an errata nor has anything been mentioned by Paizo.