Is the Lenspen Panamatic of any real use for creating panoramic shots or is it a waste of money?
I've never used one, but as far as I can tell it's just a bubble level combined with a device to click through increments of 15 degrees or so.
If my job was shooting panoramas all day long then it might make the process a little less laborious, but if you're taking time of the composition, lighting and camera settings for your panorama then lining the shots up shouldn't take too much effort.
I normally line up landmarks against the focus points to ensure a consistent overlap. Spirit levels can be useful, but if you don't have one shoot the first and last image of the panorama as a test to check your tripod is level.