Well if you talk about RAW- prcession:
it thee really a difference between a RAW- created PANO (not image itself)
then ?
A pano does not have the depth of pixel and color that a dri has.
I worked with SHO (and still do ) which gives a very fast workflow.
I´ve seen a lot of DRIs that are "over DRI´d" - a nice shot but far away from a natural looking picture though.
Sometimes I cut a window (or the critical part) from an underexposed shot an put it into the right image.
Just here:
http://www.netzserver1.de/pg8/index.php?pano=15®ion=%3C!--kg2006--%3EKerzenhof&version=PTViewer&playerinfo=PTViewer&sent=&suche=
The grey parts aside the windows are not from the cut - it´s in the wall.