@Vaccano: it's not the same thing. Whenever you stop moving in a Photosynth you end up seeing a high-definition still that you can zoom in all its glory, not a blurry 1080p freeze-frame.
Then, there's fact that video has to be shot in real time. Consider the Florence Baptistery synth, for instance: you would have to walk at a constant pace around the monument keeping at the same distance and making sure the camera is always pointed in the right direction, making sure you don't bump into somebody or get your shot blocked by the crowd.
I'm not saying it's always better than video, it's probably often the other way around, but there are a few applications for which it's infinitely better. Some examples I can think of include showcasing objects you want to sell, like a house or a car, documenting a museum, a monument, provide a streetview-like application (maybe just for your company campus), but I'm sure there are many more.