I did my first panoramas over the last few days, and tried the programs already mentioned as well as Photoshop CS3. I was surprised at the differing results each program gave. None of them gave me a click and done solution. I settled on using CS3, and having to manually grid distort the resulting image to get rid of the more obvious perspective distortions. Perhaps I was trying to cover too much area in 1 photo, or more probably I just don't know what I'm doing yet.
Anyway, here is the result of a 5 pic pano from a trip to Hoover Dam last week.
Erich