I’ve been using this app, 360 Panorama, lately to make quick panoramas and for the most part, it works pretty well. It’s not as smooth on some edges as Pano but it sure does seem a lot faster if you really need to churn out a panorama quickly!
The cool thing about 360 Panorama is that you can share the panoramas as virtual reality files for other iPhone users to view (if they also have the app installed). Give it a try if you get a chance — it’s $1.99 in the iTunes App Store.