When creating a panorama for a scene of huge dynamic range, intuitively I always merge exposure brackets to HDR and tone-map them and then stitch the resulting images into a panorama. My intuition here is that the HDR process is much more predictable than the stitching process, so I start with the former. I realize this may be because I know a lot about HDR (worked on HDR S/W for 9 years) and little about stitching software.
Is this the right order to do this and why?
This question came up because in the book Mastering Panorama Photography the author stitches first and then merges the LDR panoramas into a HDR one. He mentions this but does not explain why.