It's an equiangular panorama. I made with Nikon D700 and 10,5mm fisheye lens. 6 photos round, 1 up, and 1shot down. I use tripod, and panoramhead. I stitch with Ptgui softwer and after it need some postwork in Photoshop.
But it is possible to simply do it (but not as accurate). Here is a video: http://www.youtube.com/watch?v=MQ9jCrzR9wk
I would like to describe, but I don't know very well English

so magical.

very cool!