If you have a camera and tri-pod, you can actually do this for free (I believe). You could technically skip the pano head, it would give some paralax problems, but it is doable. There exists some free pano stitching software, but I can't remember the name. Do some searching on the net, you can find it.
P.S. That Time Square pano is horrible! Notice the people in the fore-ground, cut in half!