I use PSE8, but to create panoramas (stitch two or more photos) I use a relatively inexpensive application called "Calico." Calico is fully automatic, so you won't have much control on the process. But what it does is to create a panorama in a very short period of time. The steps are as follows:
a. Launch Calico (it takes about a second to pop on the screen).
b. Then "click" on LOAD (the photos you want to stitch). You can LOAD from a disk (hard drive, desktop, etc.), or from iPhoto. Search and select the photos, and they immediately appear on the window.
c. See if the photos are in the order you want, and move them around if needed, then click on ALIGN. A preview of the pano will appear on the window.
d. Now click on MAKE, and Calico will make the pano.
Calico will stitch any photo format (RAW, TIFF, JPEG, and so forth). I use PSE8 to PP the pano, and then crop as needed. Calico costs $39.00.