**edit 4/7/08**
I just found this neat website that will stitch your panoramas together and can make your panoramas into a VR viewable form.
http://www.clevr.com/ Check out the Lanikai panorama as a 360 degree virtual panorama!
http://www.clevr.com/pano/3566
Yes DS, the color shifts are obvious at the seams. This was before I got acquainted with the "M" manual option on my Point&Shoot. Future panoramas will probably have less color/light issues with the M option set. The Lanikai series was handy though so I gave it a try. The stitching software works really well once you understand how to play with it. And, you can't beat free ;).
According to Google Earth, the island off the Mokapu peninsula (left of the people and Lanikai Bunker) is Moku Manu, literally "Bird Island" in Hawaiian.
http://en.wikipedia.org/wiki/Moku_Manu
I use Photomerge that comes together with Photoshop Elements. It works very nicely too.
The one thing I do is getting an average exposure reading somewhere at a right angle from the Sun. I set the camera to manual exposure and dial in the metering value.