This report offers advice on the strengths and weaknesses of the High Performance Computing and Communications (HPCC) initiative, one of five presidential initiatives launched in 1992 and coordinated by the Federal Coordinating Council for Science, Engineering, and Technology. The HPCC program has the following objectives: (1) to extend U.S. technological leadership in high performance computing and communications; (2) to provide wide dissemination and application of the technologies; and (3) to spur gains in U.S. productivity and industrial competitiveness. Because of the importance of the HPCC initiative to the national well-being, the President's Council of Advisors in Science and Technology (PCAST) established a special panel to advise PCAST on the strengths and weaknesses of the program. The Panel's observations and recommendations relating to four central issues: the program strategy; balance among technology, applications, and infrastructure; program management; and program vision make up the main body of this report. (ALF)