Based on Forum discussion here on DPC, I just concluded that the (free) PanoTools was the best for my needs. I want to have a lot of control over stitching, be able to do lens corrections, stitch multiple rows, etc. I want to output to multi-layer photoshop files. Panotools does all this and more, and is free.
Now the bad news... you will really want a GUI interface to Panotools, and this interface is free to try but costs about $40 US to register. It is WELL worth that price. Below is a 4-image stitch I did within an hour of setting up PanoTools and the GUI interface (PTGUI):
The original images were taken in Utah in late April of 2003.
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