This would be a great feature to include. But the solution to beat is this app, in my view:
http://appshopper.com/photography/360-panorama
You don’t have to snap individual photos at all, nor even go in a predictable circle: you just aim the camera to “paint” around you in any direction/order you want, even up and down. The 3D grid on the screen fills with scenery as you do, and when you feel you’ve gotten all the imagery you want, you stop.
Its failings are in the UI department, though: it crowds the screen when you wish it were full-screen, and although you can view in landscape, the controls remain portrait. Still, it’s easy and impressive, and the technology is the fastest/best stitching solution I’ve seen!
(Plus there are unavoidable problems: all panorama solutions suffer from some glitchiness for nearby objects, unless you use a precisely-set tripod that rotates your phone around the center of the image sensor plane. No solving this by software—a camera can’t take an image from a different point in space than the one where it actually is. So you just have to shoot medium-to-distant scenery, or develop your skills! I like to lean back slightly, hold the phone over my right toe, and pivot around that toe. Also, people/movement in the scene come our weird in panoramas. Maybe Apple decided the experience was too inconsistent, and couldn’t be good enough for a standard feature.)
