The LightLab project has attempted to use low-cost commodity hardware, and free, open-source software to allow the methodology to as widely implemented as possible. The PDF document entitled 'Hardware & Software Instructions' details the the hardware and software choices made for the project, and the reasoning behind them.
In short, this project has utilised a Samsung GX-20 camera with a Samyang 8mm fisheye lens for hardware, and the Hugin photo-stitching tool for software; both of which provide good performance whilst keeping the total costs (approx £600) to a minimum.
Hardware and software considerations for the creation of HDR panoramas (PDF).