thumbnail view doesn't really fit when mixing normal 4:3 aspect images and panoramic images. By now the panoramic thumbnails are "small thin lines".
Have you got the thumbnail settings in config set at 'width'.
I suggest you try 'height'. This would make all thumbnails the same height, but your panoramic pics thumbs may be quite wide.
If they become too wide, try lowering the number of thumbs per line.
I also forgot to add that this setting affects the intermediate pics as well.
And you will need to use the 'resize pics' utility for the pics already on the database, or they will remain at the old setting.