Product manager Evan Rapoport recently posted in the Panoramio support forum, saying this:
Over the past year, we've developed a similar community in Views, which lets you publish geo-relevant content (photo spheres and traditional photography) on Google Maps. In the future, we plan to migrate Panoramio into Views, creating one destination where you can publish and peruse imagery from around the globe. Before migrating any imagery, we'll make sure that Views reaches a level of feature maturity that supports the needs of the community.
So, we will have to wait and see how this one plays out. I predict Google will continue to bolster Google Maps Views and will isolate Panoramio as a standalone service that may or may not die out some day.