Microsoft's Photosynth technology has been on the street for several weeks now. I like the way it stitches a series of still images together to form a 360 like panning view. It's kind of like the Photoshop Photomerge on steroids. I think this concept has great potential but is is far from ready for prime time!
Here are the reasons that prevent Photosynth from being ready for real estate tours in it's current state of development:
The evolution of 360 VR and real estate tours over the last 10 years has had similar issues (competing technologies of QuickTime, Java, Shockwave, Flash and other viewers) and only recently has a solution (Flash 9) appeared that will solve all the issues. The significance of Flash 9 is that it finally has features and performance that it is suitable for 360 VR and it's on 96 to 97% of computers worldwide. Almost no downloads required!
So why didn't Microsoft develop Photosynth in Flash 9? Probably because Microsoft has it's own competing technology it is promoting called Silverlight. Or maybe the research group at Microsoft that built Photosynth is concerned more about the concept than the implementation of Photosynth.