Robin2:
That is simply not true. A child could move 40 tonnes if it was properly balanced and had a low-friction bearing.How fast must the camera be moved from one position to the next?
I guess this is true, I will handle balancing issue in the concepting phase.
I think It should take all panoramic images in about a minute or so, speed is not required unless scene has moving objects, I would like to have option to take very fast panoramas, but ussualy slower speed will be fine.
For now these two things is not my main concern - i will deal with them later.
MorganS:
NEMA17 should be OK. There is a big variety of motors that fit the NEMA17 frame size, so I cannot be definitive.
THANK YOU, this is what I needed to know, I know there is many variations and torque with nema 17, I do not need to know exact motor model to use - all I needed was motor mounting specs. Now I can start concepting frame itself in 3D.
MorganS:
If you can, plan on a toothed belt drive with a 2:1 ratio or higher. You can change the ratio later with different pulleys
I'm not an expert, but I think belts will be a bit flimsy, gears instead?
I have tried to look for gears - its seems they are pretty hard to find.
I think I would be ok even with 5 to 1 ratio gears, but probably will setle with 3 to 1 because It's hard to find them (link me if You know where to find solid ones).
MorganS:
Calculate the maximum unbalance torque from your camera and get a motor with twice this holding torque. That is after the gear ratio multiplication, so if you use 2:1 then your holding torque could equal the unbalance torque.
I will just go wild and will put 2 motors on each side (same controller with enough power, just splitted wires) for vertical rotation, with gears it should produce pretty decent torque, If I still get missing steps or flimsy setup I will try balance it by adding weight. It might be overkill, but I think it's the best way to go.
I'm not expecting this project to come out perfectly at first so I'm prepared to fix flaws 
MorganS:
Yes, the Uno will be good for two motors and that LCD. Sound should be a piezo buzzer that just takes an on-off signal from one Arduino pin. Some other LCDs come with 5 buttons or a tiny joystick switch. That is useful to make a user interface. The LCD and interface will be the most time-consuming part of the project.
THANK YOU, I feel we are getting somewhere
Links to LCDs with joystick would be extremely useful
How about this one: 1.8 Inch TFT LCD Touch Panel? It looks fancy and If touch works properly than it would solve a lot of UI issues.
Yes, I'm aware that LCD will require some serious coding - I should handle it.
For now last thing I need to find out is what gears should I use and where to purchase them, any ideas?