In Photosynth 1's website, it is much the same thing, except the actual word 'Embed' is displayed below the synth viewer.
When clicked, it also presents HTML code to highlight and copy, however there is no graphical menu to customize the width and height, the delaying of the synth files loading, or the auto playback of the synth or pano.
Instead, you would simply edit the width and height numbers and two true/false switches when you paste the HTML into the page that you wanted the synth displayed on.
Note that the embed HTML code that both Photosynth 1 and Photosynth 2 use utilizes an HTML 'iframe' element which many websites will not allow you to paste into them, although if you are running your own website, you can do whatever you want.
There are also some websites like Blogger/Blogspot or Tumblr's video posts which allow you to paste in iframes like Photosynth.net embeds.