Pretty impressive, a good introductory tool for the new panoramist.
But the stitch quality and blending look top notch. At least it can output TIF, and the 8 bit limitation will not be a major issue for most users. Exemplary software design, from first use to outputting my first stitch took maybe 10 minutes, not bad!
Oops...just removed my comment about ICE not being able to do any perspective control, something PTGui and the others do quite well. That's the big deficiency with CS4 stitching now, you can not easily perspective correct shots where the camera was tilted significantly up or down. ICE can in fact handle that situation pretty well...with the "rotating motion" stitch option, you get a cylindrical projection with the verticals parallel. The vertical elongation is somewhat exaggerated, but can be squeezed down if you like with a simple scaling along the vertical axis in PS.