http://www.photo.net/learn/optics/lensFAQ
*****
Q20. For panoramic pictures, where is the best place to pivot the
camera?
A. The axis of the pivot should pass through the entrance pupil. The
entrance pupil is the virtual image of the aperture as seen through
the front of the lens.
When you've got it right, the entrance pupil will not shift relative
to fixed objects as you rotate the camera. (Stop down the lens so you
can see the diaphragm and aperture.)
There is a whole different type of panoramic camera in which the lens
is rotated relative to the film. In this type of camera the lens
rotates around the rear nodal point (for objects at infinity). See
the lens tutorial for an explanation of nodal points.
*****
Go here:
http://www.kaidan.com/nodalpoint.html
It's not a myth. It certainly makes a lot of difference in my
panorama stitching accuracy. Follow the instructions for each and
every lens and each desired focal length and you'll have it. I
can't do it for you. I will say it gets harder for wide-angle
focal lengths (below 28mm). Telephotos are a cinch.
Good luck