Panna cotta is not supposed to be as rubbery as jello. It should be firm enough to unmold, but still be nice and wobbly. It is texturally more like custard than like jello.
I'm sure the recipe quoted will work fine. It's pretty simple stuff. When you get comfortable with it perhaps try experimenting with flavors other than just vanilla.
http://www.epicurious.com/recipes/food/views/Panna-Cotta-14224
I like to use vanilla bean in place of the extract. Scrape the seeds from 1/2 a vanilla pod, and heat the seed and pod in with the cream mixture.
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I like to use vanilla bean in place of the extract. Scrape the seeds from 1/2 a vanilla pod, and heat the seed and pod in with the cream mixture.