i've shot panos with my phone or a P&S. And while it's nice as a gimmick and sometimes the results are quite surprising, they can't compete with the real deal, a carefully composed and composited pano. I'm not saying i'm good at it, but try shooting something like this with your phone (viewing on the web will not prove my point, i know).
Valont Pont d'Arc by the way, 9 image pano