I did comparison between max's panorama exporter, 6-faces render and mental ray wraparound methods, once. And found that pano exporter gives most distortion and loss of resolution at panorama poles, and wraparound was the best.
On another note, does anyone know of any free software / html 5 / flash based plugins for embedding panoramas on websites? I can only seem to find clunky / needlessly complicated solutions through google.
Doesn't 360cities offer free embeding for personal use?
Edit: by the way max's panorama exporter does the same as manual 6 renders, only that it stink at stitching.