360 Panorama brings real-time panoramic photography to the iPhone.

Occipital, the people who brought you RedLaser, have just changed iPhone photography in a big way. With the announcement of 360 Panoramic, the company has brought real-time panoramic photography to the iPhone.

Now you’ll need an iPhone 3GS or iPhone 4, running iOS, in order to use it, but the results are pretty stellar:

So that’s the gist. You simply tap the screen to start and then turn a slow circle for 20 seconds. As you do, the phone will put your panorama together in real time, using literally every single frame.

You’ll notice, also, that an iPhone 4 isn’t required. That’s because 360 uses the phone’s incoming images to track motion, instead of the phones gyro and accelerometers. There is a benefit, however, to using the iPhone 4. If a frame happens to be dropped while you’re doing your circle, 360 will use the phone’s gyroscope to fill the missing frames.

After your image is completed, which literally happens as soon as you’re done with your circle, all you have to do is tap the screen again to have the image saved to the camera roll. There’s no stitching time required, and the photos look amazing.

You can pick up 360 Panorama from the App Store, as of today, for $2.99.  So get downloading, get spinning and then leave us links to your photos in the comments.