The Nokia Panorama is... ok. I liked it a lot, until I used an iPhone and tried theirs. A much easier process that gives a much better panorama. But this gets the job done - it's still easy and it often does it without misaligning. There's a great deal of room for improvement, though, it has a 3 star rating in the app store for good reason.
Photosynth does cooler things, but is harder to share.