I remember it used to seriously limit the resolution of the pictures though. You'd stitch together lots of high-res photos and yet the app would merge them into a low-res output. I wonder if they ever changed that?
If I remember correctly, that only occurred if the panorama was extremely wide or extremely tall in aspect ratio. I think it had a limit for the maximum dimension. But I remember exporting approximately 4:3 panoramas that were quite large.