Thanks for your answer. I had kernel power installed, but I removed it.
I have fcam installed, but still the same problem when it's removed.

Here is what I get when running panorama from xterm :

user@Nokia-N900:~$ panorama
Init: 0x426b3330
SavePreference changed to only cropped
>>>>> MED: 2048
SavePreference changed to only cropped
Committing user settings
rawPath = /home/user/MyDocs/Panorama/
resolutionIndex = 1
savePreference = cropped
autofocus = off
Done committing

I had the error message, and I pressed several times on camera button, but nothing appears on the stderr/stdout