SeeRoy: "360 degree" panorama. Ok, what about the other axis? How many degrees? A true 360x180 "VR" (not my nomenclature) pano is not so easy to achieve. Where can we view examples of this miraculous product's output?
It certainly wasn't easy, but the Theta does achieve it. The field of view is seamless view of the full circle around the camera and the full vertical field of view in front of it (and on all sides, of course). There is a very small, essentially neglibile, mark that shows where the camera was actually held in the fingers. There is a Theta group on Facebook and you can see many examples there. The resolution is good enough for enjoyable viewing on the web, particularly on a smart phone or tablet. I wouldn't want to watch it on an HD TV, though.
I am using the version of ACR within PS CS5 and wonder if I can install this version of ACR in it, or even if I should. I have updated to the latest version usable with CS5 but I have not purchased ACR itself. But the horror stories with Lightroom make me wonder whether this is too early to upgrade.