This is my latest baby: a waterproof Sony camera. I used it a lot this summer and I'm very satisfied of it. It is a bit slow (but I'm used to my DSLR so maybe it's not that slow for a compact camera).
It can't be simplier to capture great panoramas, you just have to hold the camera and rotate it. You can turn any side you want, from right to left, top to bottom, etc.