I have been wanting to try this for a while. I wasn't sure it was going to work but it did.
I took five shots to make the Pano. But each shot I bracket -2, 0, +2 for the HDR. I then stitched the five shots at -2, the five shots at 0, and the five shots at +2. (I used Microsoft Ice for the stitching.) I now had the three Panoramic shots I needed to make a HDR photo. One overexposed, one underexposed, and one properly exposed. I took those three panos and processed them for HDR. To my surprise I didn't have any alignment problems during HDR processing.
Here is what I came up with. Nothing special but this process could have huge potential for some nice HDR Panoramic shots.
Too big to post here but you can click on the link for the compressed view.
http://img30.imageshack.us/img30/25/111hrc.jpg
FFG