Even though Auto-Align and Auto-Blend are not currently available on Smart Objects in CS5 (hopefully they will be in CS6!!) it is possible to create panoramas on ACR Smart Objects manually (and to do focus-stacking on ACR Smart Objects). The RAW files can then be accessed for changes, update to latest process etc. However it is cumbersome to do this because each ACR SO has to be individually changed (and of course they all need to be changed exactly the same in most cases). If Photoshop had an 'Edit ACR Smart Objects' function that opened all the visible ACR SOs into Camera Raw then the RAW files could be changed in Camera Raw and synchronised before returning to Photoshop. No doubt this is not such an easy addition, but it would be VERY powerful especially if combined with Smart Object Auto-Align and Auto-Blend.
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