I didn't use the pano feature on my phone yet, but I am very impressed with this camera. It takes great video too! It gets a little grainy in low light, but if you resize the pic/vid, you don't notice it.
I highly suggest switching to the Swype keyboard. It took me a few days to get fast, but it's awesome once you learn how to use it. (go to settings>> Input and Language and change from Multi-Touch to Swype).
A must have for everyone with a droid is the Snes emulator I play Super Black Bass, Jimmy Houston's Bass Tourna. USA, and Bass Masters Classic Pro Edition all day long
Oh, and the Droid 2 should be out the middle of August. Once you start using an all touch keyboard, you won't need the physical. Just turn on haptic feedback (it will vibrate when you press a key, so it kind of feels similar to a keyboard...).