We've talked about 360 Panorama before -- it's a cool app that lets you capture 360° panoramic photos in real time by just moving your iPhone around in a circle. The $0.99 app (available here) has been out for a while, but keeps receiving amazing updates that improve its functionality and wow factor.
Now the wizards at Occipital have figured out a way for you to view those panoramas as if you're actually standing at the site where they were taken. You simply open up Mobile Safari on an iPhone 4 (or any other gyroscope-equipped iPhone running iOS 4.2), point to a URL where the photo is stored, and then move the phone around. The gyroscope is detected by the browser, and then your movements control where in the panorama you are looking. The standard reverse-pinch gesture lets you zoom into a panorama, while pinching zooms out. All using HTML 5 and thanks to a recent update in iOS.
If you have an iPhone that supports iOS 4.2 and has a gyro built in, go to this site in Mobile Safari to see how the panorama viewing in Mobile Safari works. It's pretty cool!