All I can suggest is downloading and installing strace (it's in the SDK repository and has no dependencies, so it's easiest just to download the .deb file and install with "dpkg -i") and running:
Then run through trying to create a panorama. Then exit and upload all the trace_panorama.* files here. They'll show all the system calls made by panorama as it's running - hopefully that'll provide some indication of where it's failing.