Microsoft Photosynth is officially out now -- and faster than the beta according to Digital Arts. Advances by the same researchers were recently presented at SIGGRAPH; there's a movie and discussion in the now-bloated post Microsoft tools meld 3D and photos.
Note that Firefox doesn't work on Photosynth.com -- or update it was a server crash.
Update: Shutterspeed has some rah, rah video:
PhotoSynth- Learn how to do it
ShutterSpeed EP04 - The Photosynth Team
Update 2: Ars Technica posted Hands on: Microsoft Photosynth makes panoramas pop, with several experiments by David Chartier.