I've made some other examples of the image quality differences of
- the original pano mode with very strong noise reduction (resulting in bad smearing)
- the hacked one (gammaC/Y=0)
- a typical example of post processing (color noise reduction) of the hacked output – here, processed with Capture One (C1 for short).
There are three original panos in the Flickr album
https://www.flickr.com/photos/33448355@N07/albums/72157662262048202 . Two are original panos; one is the C1-processed hacked one. While the image titles should be evident, I also provide you with direct links:
original pano:
https://www.flickr.com/photos/33448355@N07/23140619774/in/album-72157662262048202/
hacked:
https://www.flickr.com/photos/33448355@N07/23768787445/in/album-72157662262048202/
c1-processed hacked:
https://www.flickr.com/photos/33448355@N07/23768785315/in/album-72157662262048202/
As usual, it's mostly the low-contrast areas that are worth checking out; for example, in this case, the Christmas tree.
As you can expect, the original pano mode with very strong noise reduction produces the worst result: individual branches are definitely harder to visually separate from each other. Also, the color saturation is definitely worse than with the hacked version.
Direct link to the crop:
https://www.flickr.com/photos/33448355@N07/23473104030/in/album-72157662262048202/
With the hacked version, there's a lot of color noise (and additional luminance noise, making the image more 'grainy'). However, for the image purists, it's significantly better than the (above) output of the original mode: much more saturated colors, much less smearing, much less watercoloring.
Direct link to the crop:
https://www.flickr.com/photos/33448355@N07/23686376051/in/album-72157662262048202/
Finally, the C1-processed version is between the two.
1, I deliberately refused to apply luminance noise reduction as I don't consider luminance noise be annoying at all (on the contrary – it has a nice “film look”).
2, I didn't reduce color saturation either to get rid of the color noise blotches still remaining after the very strong general CNR. In my opinion, they aren't that bad either.
3, I applied the maximum (100) CNR. Lower values simply wouldn't have worked – much more color noise would have remained. (After all, we're speaking of a Bayer filter combo, which is much more prone to color noise than X-Trans sensor filters. To do some serious low-light shooting, I still prefer Fuji's X-Trans sensors because of the very low color noise, compared to Bayer filters.) Note that not even this high(est) value could completely get rid of color blotches (see Bullet 2 above).
Direct link to the crop:
https://www.flickr.com/photos/33448355@N07/23742669566/in/album-72157662262048202/
Sorry, currently, I can't give you well-lit shots – I'm in Finland and, this time of the year, we have very little Sun (and if we do have like today, I'm at work). If you, on the other hand, want to take a look at my other Finnish panos (shot with high-quality Fuji gear), you're more than welcome to check out my Photosynth collection at
https://photosynth.net/userprofilepage.aspx?user=excellenceinpanorama . Note that there are more than 200 panoramas there; all of very high quality.