I own Morpho full version, and have to say they both are good programs.
Nokia has a better UI, can take panoramas in both directions and is not limited in size (at least I couldn't find its limit).
Morpho is much simpler, there's (almost) no UI at all, but in the end it produces better results.
For me it's important Nokia is still rolling out new maemo programs, even if I do believe Panorama is full QT, so easily ported to meego (and back of course).