Panels IPE "Change layout" button (dependent.js) busted with jQuery 1.7

If you use the jQuery Update module to move from jQuery 1.4 to jQuery 1.7, when you attempt to click the "Change layout" button in Panels IPE, a little spinner comes up for a second and then both the "Customize this page" and "Change layout" buttons disappear, and only reappear if you reload the browser.

In Chrome Dev Tools console, the error is:

Uncaught TypeError: Object [object Object] has no method 'once'
Drupal.behaviors.CToolsDependent.attach
Drupal.attachBehaviors drupal.js:55
e.extend.each jquery.min.js:2
Drupal.attachBehaviors drupal.js:53
Drupal.ajax.commands.insert ajax.js:542
Drupal.ajax.success ajax.js:400
Drupal.ajax.ajax.options.success ajax.js:164
f.Callbacks.n jquery.min.js:2
f.Callbacks.o.fireWith jquery.min.js:2
w jquery.min.js:4
f.support.ajax.f.ajaxTransport.send.d jquery.min.js:4

I know jQuery 1.7 isn't officially supported, but I wanted to log this issue here to see if anyone had any ideas. I saw #1494860: Views Rewrite Results UI Broken using JQuery 1.7 but it's addressing a different problem in dependent.js.