Lightroom Integrated: Workflow Phase II - Black and White in Photoshop CS4 and Photoshop Lightroom - page 105

Merge to Panorama in Photoshop
Talk about a time-saver, not only can you send multiple images over
to Photoshop to leverage its incredibly powerful alignment engine,
but you can also blend, remove vignetting and correct for geometric
distortion (all new in CS4). Another great and unknown feature in CS4 is
that the “Auto layout” knows best: you don't have to choose which sort
of composite your merge looks the most like, though I should mention
you have more choices there too. Once you've selected this option
(only available with two or more images) you will be presented with the
dialog (right). Photoshop takes care of the rest. Saving the new image
i le will place the merged composite back in the Lightroom's Library
Module alongside the original!
A tip for getting better panoramas is to lock exposures when you
originally record them and synch settings amongst the i les to be
merged in Lightroom - that way all of the data looks as consistent as
possible.