A still panorama can be a work of art, it is a full 360x180 degree moment captured in time. We have over 100 such images dotted around the blog but we gave up on immersive video as a bad job. That said, its nice to now see the ability to look around such scenes via Flash as the embedded clip from http://demos.immersivemedia.com/ demonstrates:
Perhaps with an increase in resolution its time to take a second look at immersive video, but part of us simply cant quite see the point.