2. Rendered to PSD 16bit. Exported data: Panorama, Layers, 'Embed all outputs', 'Remove alpha channel'.
Result: File writes and opens in Photoshop CS4, but layers are locked and cannot be unlocked or edited. When trying to edit layers, Photoshop CS4 gives error message, "Could not complete your request because of a program error."
As a workaround, I was able to copy and paste the layers into a new document.
(PS: On screen shot, note typo in layer called background.)
APG 2.5.0 Beta 2 Mac Pro Quad Core Intel Xeon Mac OS 10.6.4