Nasim Mansurov has written what I believe to be probably the best tutorial on how to take panoramas using your P&S or DSLR. It’s concise, choke full of useful practical info and the example photos speak for themselves. There are no hyperbole, no lists, no Flickr pictures [a sure sign that the author is more “teacher” than “doer”], just sharing of his experience backed up by wonderful panorama photos.
Read the tutorial at: The Masurovs.