Nice video, thank you;
I'm happy to see I'm not alone to search such things; I've already made photosimulations/integrations on 360 photo/panos using cycles environment mapping ( which is not distorted when rotating) .
I've seen it's possible with blend4web example "forest in fire ", with environment mapping, but I can't manage the mapping of this texture (I don't know how).
I've made it with a cubemesh ,that's perfect: no distorsion at all. I've found a trick to get a good resolution texured cube , the .blend is downloadable there :fabkzo's panocube