In camera panorama?
I've used it a couple of times, and it is good enough - if you are careful - that there are not any obvious stitching errors. I can see that I would use it from time to time, but my preferred method is to use MS-ICE. In-camera pano is limited to 1 row, and also limited to span - whereas I can stitch 100s of images in multiple rows using software. In general I find that panos show what is there, rather than what I see, so I don't use them very often.
I wouldn't consider this factor alone enough to inform a decision, but look at the other things you get. In camera HDR works OK, but you have to be careful - again, like panorama it is something I'll use occasionally but will more often use software.
Some of the in camera filters and effects are neat, if you are in to that kind of thing. Viewfinder is great - as is the touchscreen display. WiFi is not good - very early days for this and is very clunky to set up and not reliable - but I think since the hardware is there, firmware updates can improve it remarkably. Here's hoping.
It is a remarkably nice camera to use, and I much prefer it to other m4/3 cameras with built in viewfinders from other manufacturers. Costs less, too.