Microsoft has released Photosynth, an application for creating a navigatable 3D environment from photos taken at different angles and zoom levels. It requires downloading an application for Windows XP or Vista, but it is mostly compatible with Firefox in addition to IE. There is no Mac version.
It goes beyond traditional panoramas to full 3D shots, without requiring you to do any special alignment of shots in advance - it will fit them all together for you.
According to the support site, it is possible to geotag the created "synth" manually. Unfortunately it doesn't read any EXIF-GPS information in the photos yet.
After you finish creating your synth, go back and view the synth, and be sure to add some fun or informative description (and more tags, if you want).
There's a globe button on that page (below and to the left of your description) that lets you geo-tag your synth using an interactive map from Virtual Earth (maps.live.com).
Unfortunately, I think that the current system ignores any geo-tags already in the images (JPEG EXIFs).
Rick Szeliski, Live Labs Employee, replying in support thread "Can the Synth be GeoTagged?"
Note: The site is available at both Photosynth.com and Photosynth.net
Also, please be aware that due to an "overwhelming" response, the service has been unavailable almost all day today (Thursday August 21, 2008).
Previously:
November 11, 2006 3D photo environment - MS Photosynth Tech Preview
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