Hi Fiero, sorry it took a while to get back to you (time difference).
Anyhow, thanks again for banishing that bug.
Regarding my pano images. My current process is actually a little complicated and a bit of a pain.
Vray actually has some real nice camera options for rendering straight to a equirectangular and also a cubic cross image (which is what I used to use as it rendered faster). But these camera options only work with a regular max camera and not with Vray's newer physics based camera (which produces much more realistic renderings).
So yes, my latest rendered pano images are outputted as 6 separate image faces. However, the next problem is that they're not a perfect 90deg fov image. Vray has a bug with this physical camera and it cannot render a perfect 90degs, which keeps the image tiles for lining up correctly. So I then have to render them at a 91deg fov (for a bit overlap) and then use PTGUI to stitch them together again into a equirectangular. And there a few more messy step in there that I won't bother mentioning, but the process is far from efficient.
Ha ha, long explanation, but I hope that answers your question.
FYI, I am planning to move to Fryrender sometime soon (at least for my interior work) and it can render perfect 90deg fov images. So I'll probably useing cubic pano image then. Plus I know the guy building Fry is also planning to include equirectangular output someday too (because I've been bugging him about it for the last 8 months