It also appears that you were referring to stitched panoramas as opposed to photosynths.
Have you tried the new panorama-style photosynths in the Technical Preview yet? http://photosynth.net/preview
http://photosynth.net/preview/help (Video Tutorial, Shooting Guide, + Frequently Asked Questions here)
http://photosynth.net/preview/about (Examples of the four new photosynth subtypes here)
In the new panorama-style photosynths or 'parallax panorama' photosynths, the synth viewer stays within the photos and you don't see above or below the photography (unless you were very careless from shot to shot).
The scroll wheel is still used to zoom in and out of the source photos in the new synths, however.
Users may use the cursor keys to move through the photos (left and right for spins, parallax panos, + wall synths and up and down for walk synths.