The picnic is actually the lower end of the front shoulder rather than the top end (called Boston Butt) that you typically make pulled pork from. Around here it is usually sold pre-smoked (but still uncooked) and labeled "Smoked Picnic Shoulder".
I actually grew up having shoulder quite a bit, and we treated it almost as you would corned beef. Simmer it in water with carrots. After two hours add some cabbage. After 3-3.5 hours you can pull the falling-apart meat from the bones and fat and serve it with the carrots, cabbage, some boiled potatoes, and whatever condiments you wish. Horseradish, dill pickles, mustard, or even a sauce made from thickening some of the reduced cooking liquid with a roux and whisking in some cream, mustard, horseradish, and white pepper (this is my favorite - let it simmer for at least an hour though).
It also makes fantastic pan-fried potato "hash-cakes". Chop up some of the meat and mix it with some of the cooked diced potatoes that have cooled (you can even include some carrot if you want). Mash the potatoes just a little to make a binder, and then make some hamburger-like patties. Pan-fry in 1/4" of canola oil on both sides until golden brown. Additions such as minced chives or caraway seeds are great too.
I actually prefer pork picnic shoulder in a boiled dinner over corned beef.
Nick ~ "Egg whites are good for a lot of things; lemon meringue pie, angel food cake, and clogging up radiators." - MacGyver