Well, according to this screenshot by 9to5Mac yesterday. iOS 5 code has included "Take Panorama" and "Saving Panorama" in the beta version. I'm sure this feature would be quite nice for the high quality camera in the iPhone 4 and potential iPhone 4S. But the iPad camera will certainly take poor panorama photos.
9To5Mac is probably breaking the developer NDA with Apple in posting the details of the coding...but they forgot to mention this feature during the iOS 5 run-through at the WWDC keynote early this week.
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