Four weeks ago, Joscelin was comparing panoramic photos in PS1, ICE, + PS2. The Photosynth team wrote:
"I should say that frankly, we're of two minds about the pano capabilities in Photosynth 2 right now. If you have lots of parallax or you have people moving, Photosynth2 does a better job, but if you're an expert panorama shooter--and many users of Photosynth are--and you shoot without noticeable parallax, AND you choose your shots carefully to avoid cutting moving people in two, then stitched panos (via ICE) lead to a much wider field-of-view viewing experience, and people generally tend to prefer it.
In the future we hope to have our pipeline just "do the right thing": stitch when artifacts would be small, and project the photos when stitching would produce large artifacts." http://bit.ly/psfps2vi