check out my project. It's a lightwight robot for spheric and multirow panorama for a dslr camera. I'm using one arduino mini pro as main controller and for controlling and drive the servo a pololu servo controller.
Total: 300$, but I easily spent twice as much or even more.
Taking panorama
Shooting time depends on the focal length and the sensor size of the camera. For a spheric panorama with 22mm and a Canon EOS 20D, the robot takes about 50-60 images in 3-4 minutes.
Stitching time depends on the number of picture, it varies between minutes (20 pics) and hours (more than 200 pics) on a 4 core 3.5Ghz machine with 8GB ram.