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Yes, you do want logarithmic coding. 16 bit floats are the datatype du jour, there are now monitors that provide tilewise floating point output (the trick is that they use a controllable low-res LED grid for backlight, with carefully designed diffusers), and JPEG gets some new tricks in the new revision. Now we're waiting on the cameras. As to the panoramas, there are really pretty good algorithms that don't rely on camera assist, at least when the picture is not too boring, and I think some of them are floating around in open source land....