I see this panorama thing rather as a gadget to show the customer one of the novelty features of the new films.

The other features hinted rightly in the posts above, aside of that most easy loading, don't show their advantages at once but rather at processing or later handling.
The aspect-ratio setting is related to processing/printing too, but at least it is somthing the customer could chose at the taking stage and as such it was incorporated in most APS cameras.