A basic camera + fisheye lens and you're ready to shoot interesting motion control timelapse without expensive hardware. Ok, so you'll need this special Panolapse Software too. Here's a clever software tool that can add more value to your fisheye lenses.
How to explain this? Well, the basic principle of >this video software is very similar to how real estate photos 'unwrap' or 'de-warp' fisheye images and throw them into a software viewer for virtual tours. Ok, maybe I can't explain this very well, but just take a look at the video below and hopefully you'll get a better idea.
So pixel peepers may complain about how this type of 'Faux Motion Control' will cause the images to be soft, or contain some type of abberation, but I think it's pretty cool. Especially when you don't want to drag around a bunch of motion control hardware when you're on vacation. There's a free download to test this out, and a ton of useful information and features that make this software a worthwhile look. You can find more about this at http://PanoLapse360.com