PSD image format allows storing multiple image layers in a single image file. For The Panorama Factory, this provides for storing a stitched panorama where each original image is in its own layer. After saving a panorama in PSD format, you can open it with Adobe Photoshop to adjust individual layer brightness, contrast, etc. or edit layer transparency to achieve blending effects that are more complex than ones provided by The Panorama Factory.
The PSD export filter can be applied only to stitched images and crops of stitched images. The Panorama Factory creates a Photoshop layer for each original image. If you have cropped the panorama, some portions of original images may fall outside the cropping bounds. In this case, the boundaries of the Photoshop canvas are set to The Panorama Factory’s cropping bounds.
Using options on the PSD settings dialog box you may also choose to crop the individual layers images or leave them uncropped. If you leave them uncropped, the parts that fall outside The Panorama Factory’s cropping bounds are still written to the Photoshop file. This means you can reveal them by increasing the size of the Photoshop canvas. Cropping individual layer images reduces the size of the Photoshop file, but it limits your ability to edit the overall cropping in Photoshop.