Video panorama with their own hands

Remember, last Saturday, senatorboss told us how in Haiti (after an earthquake) on Monday (January 18th), Immersive Media (supplying data for Google Street View) filmed a panoramic video camera that gives a 360 ° view , that any element can be approached, removed, rotated the camera in any direction (as during watching the video, and pause)?

Yesterday, Frank Taylor told (in Google Earth Blog) that the Sony MHS-PM5 video camera , equipped with a special lens, allows you to conduct just such a panoramic video (all 360 °), and there is software that pulls the result of the shooting on the sphere, so that the viewer can You can look in any direction while watching.

But it is better to see once than read a hundred times, right? Here is a demo video - here you are , look:
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I see that a lot of people rush to buy these devices and video panoramas for them in vain.