Hi Bob,
Its really good, free as well. Its from Microsoft research, so it doesn't look or feel cumbersome and bloated. It can stitch things that Photoshop is unable to, as you set a few inputs into how it joins things, and also how it projects them.
First image is setting how many rows/cols and how you moved the camera.
Second image overlays the individual images, and you move the horz/vert sliders until it looks like a pano. You can set how much it is allowed to hunt around to stitch.
Third image is the stitched result, where you can choose the best projection and also rotate/zoom/warp it.
Then you crop and export it, and you're done (well, its ready for more tweaking in something else for contrast/levels/curves/noise/sharpen etc etc).
It can read .cr2 files, but sometimes I first need to convert and rotate them and save as tiff, especially if you shoot in portrait mode and there is no horizon. Sometimes you also need to fix vignetting in the source images before stitching otherwise you can get bands, but it does not happen every time.
I highly recommend giving it a go.
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