Where a panorama is good is where you take a wide sweep of around 180 degrees (or more) to convey an extreme letterbox of what is in front of you, capturing the full essence of what you wish to convey. The problem you have when you view becomes so wide angle is that you loose a lot of scale and grandeur that hills and mountains in the distance naturally give you.
This can be frustrating, very frustrating. In my head there is a panorama of the Skye Cuillins from Sligachan Bridge, in reality have I ever been able to capture anything like this – nope not a chance, not even close. The problem, is monocular photographic reality, not how you visualize it in life, or recreated thought, As most of us are blessed with stereoscopic binocular vision, in consequence we don’t actually need visual markers in the picture to give us depth or in consequence scale.
The panorama above has tons of depth in it due to the remains of Bad Eddies Boat in the foreground, without this or something lesser in terms of contrast or size then the shot would be very two dimensional, and as a panorama it would just simply have been lacking.