A Z-coordinate are supported?
Yes, supported. You can specify this option when processing.
I have ArcGIS 9.3.1. It hasn't Add-In.
Especially for this we are preparing geoprocessing tool that can be used in both new and old versions of ArcGIS.
Why make such a tool, the latest versions of ArcGIS has analog?
This tool was developed when ArcGIS hadn't such tool. For example, in version 10.0. In addition, the standard tool does not allow you to get the 3D version of the photo and determines the direction of the shooting.
A panoramic images in 3D are supported?
Unfortunately, no. They will look as well as ordinary images - as a flat wall.