For some reason, Puppy 1.02 (live CD) does not shut down completely. FWIW, I had no problems with the shutdown process in versions 0.99, 1.00, and 1.01. Here is the error I get after it shuts down both of my hard drives:
Kernel panic - not syncing: Attempted to kill init!
Fortunately, it's just a minor annoyance.