I wonder if features like Photomerge have improved in PS6. I got the impression it had in CS5, but I never upgraded to CS4 so my comparison was with CS3.
I find stitching programs tremendously useful now that they can often produce good results from hand-held shots. I used to travel with two cameras and two lenses so I never had to change lenses. Now that I travel with just the one camera, the D800E which effectively takes the place of my previous two cameras at their maximum performance in any situation, at the very least, I find it a bit of a pain changing lenses.
Sometimes, when the 24-120/F4 is attached and I need a wider FoV such as 16 or 20mm, I'll just take a couple of shots or more at 24mm for stitching purposes, with camera held vertical, instead of changing to my heavy 14-24/F2.8 zoom. Usually I get a seamless stitch in CS5, although I always have to use distort and warp to some degree to tidy up the resulting image, which doesn't worry me.
However, it's still sometimes difficult to stitch scenes that are rather close, using Photomerge.