my setup, Digital SLR, 12 mm lens (really 18mm on a Digital SLR)
15 degrees of down bubble (dip)
final image sizes are 1600 pixels high (I'm in vertical mode, camera rotated 90degrees using a pano setup from really right stuff)
Image sensor on Fuji S3 is 23mm high (in vertical mode)
Using the Perspective Photoshop Plug in from Pano Tools (http://www.all-in-one.ee/~dersch/)
step 1 - load images into photoshop, apply perspective filter set at 15degrees
step 2 - the fun
step 3 assuming there is plenty of overlap in the images, trim the sides - making sure to make the images all the same size, or Panorama factory will complain. (This step has to be done because the perspective filter adds black side areas where the image has been shifted and there is no info, if you don't trim these, PanoFactory will try to blend black with whatever it is over leaving strange shadows).
Please note, when dipping the camera you must alter the position of the camera also, so an old nodal distance from the centre of the camera x, is now x * cos (15 degrees) for a 15 degree dip.
Note, if you have tilted the camera UP, then you need to add the space on the bottom off the image.
When PanoFactory warps the images based on the focal length of a lens, it has an assumption that the horizon is in the middle of the picture, so all the above stuff is simply a way of putting the horizon back in the place in the image where it should be (not originally the middle of the picture) so that warping can commence. You can then crop the space off afterwards.
well, I for one do not have a lens that will do a full 360 sphere, however I do have a lens I can do two passes with, one tilted down and one tilted up, then I can stitch the two together....