Microsoft Image Composite Editor is a great freeware developed by Microsoft research by which you can stich set of photos or images to create wonderful panoramic images. It’s an advanced panoramic image stitcher. Join any types of images from the same set and create great images and upload to sites like Photosynth and share it with your world.

Some features:

1. Create great images from common formats like MOV, AVI, or MP4.
2. Image correction and Automatic lens vignette removal.
3. Create greatly blended images.
4. Create images of any size or resolution, supports highest pixels.
5. Structured panoramas support by which you can create images from hundreds of photos taken in a rectangular grid of rows and columns.
6. Supports Photoshop layers.
7. Create output final images in multiple formats like JPEG, TIFF, BMP, PNG, HD Photo, and Silverlight Deep Zoom.
8. Automatic cropping feature.
9. Reads RAW images.
10. Free application and free support from Microsoft.

Know more about this and download: Microsoft Image Composite Editor Homepage.