For the match colors, it appears you have to do that prior to the merging. Photomerge grabs everything and sticks it into a single layer - makes it tough to tweak individual shots.Originally posted by MacBandit
No it's a new feature of Photoshop CS.
As for level matching I believe there is an automatic feature that is suppose to work in combination with the stitching ability so that it automatically matches color and level. I haven't played with it much as I haven't shot many panoramas since I have had a copy of CS to play with.