CTPanoramaView is an open source component for displaying cylindrical or spherical panoramas with good performance from Salih Cihan Tek.
CTPanoramaView is controlled by either touch or motion on the device, and there is an included compass so the user can keep track of orientation. An example is included.
This animation from the readme (choppiness due to reduced file size) shows CTPanoramaView in action:
You can find CTPanoramaView on Github here.
A nice library for displaying panorama images.
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