Here's an example:
Latitude 29; 16; 1.33100000000560
Longitude 103; 16; 0.19699999998856
as read in the file Properties in Windows 7.
It looks like Photosynth is just reading the first number of the GPS, since it's "tack" is maybe 100 miles off for this example.
These coordinates are from a Sony DSC-HX20V, a popular camera, and has been out for a year or so.
using a Degrees Minutes Seconds to Decimal Degrees conversion, and plugging that into Google Earth shows the correct location.