Google a few days ago along with the Nexus 4, Nexus 7 3G and Nexus 10 announced the new version of Android 4.2. An awesome new feature of this version is Photo Sphere. With the 4.2 camera app Photo Sphere lets you create 360-degrees photos. Its developers were inspired by Street View in Google Maps but you don't need sophisticated cameras and pieces of equipment. Just your Android smartphone.
Photo Spheres are stored as JPEG files and all the information required to view them is embedded as open XML data in the image itself. Currently you can only see them in Google+ and Google Maps. Hopefully an API will be given to public soon and seperate viewer software wil be developed.
Google has also created a page where you can upload and share your own panoramas of your favorite places all over the world.
Here is a video showing off Photo Sphere.