It depends on the situation and place of the panorama. But to create a single panorama file I go through this:
* Photograph the desired location at six to eight different angles. (number of shots varies depending on the equipment and setup)
* A set of three photos are captured for each of the six to eight angles (HDR)
* Each set is imported into the desired HDR program (say PS).
* defishing the photos.
* stitching the photos.
* processing the photos again in PS for better results.
Yes it is piece of cake, but its all about the quality. The tiny bits that are done by the photographer on location and the after touches during processing are the things that make difference.