When you want to snap a Panorama photo with your iPhone, you know the drill: You tap the button, and then slowly, steadily move your iPhone from left to right to capture the best possible panoramic photo.
But what if you’re already standing at the right side of your horizontally-oriented subject? It seems crazy that you need to head all the way to the opposite left side, just so you can snap your wide photo.
And indeed, that WOULD be crazy. You don’t have to. Instead, just tap on the Panorama arrow/line, and it flips directions.
Source: Mac OSX Hints