The optics will make or break this, but I came in extremely skeptical, but it's clear they've put a lot of thought into the possibilities landscape, the interaction modes, and the human aspects of it. It looks a whole lot more interesting than I was expecting - it's the best shot I've seen at AR so far. It's also clearly the "First" in the line - similar to the first iPhone and iPad, it's expensive and a bit unwieldy, but you can start to see the potential.
Not an iPhone user but I have yet to see a panoramic camera app that gets anything remotely high red for output. The panoramic mode felt cool, but I can't imagine they actually have the data there to make it look good. (Short of copious AI up scaling, which is a pretty new capability.)
