When moving from one panorama to another, you have 4 options of how that new panorama should start (as in where you should be looking upon entering the new panorama):
As usual, when connecting panoramas via hotspots, you set the icon itself (or paint the polygon, text or video into the scene) and assign the action "Open Panorama". In the following window, you'll see a couple of options, such as WHEN that action should take place (upon click or roll-over), WHICH action that is (Open panorama) and the Entry View for the linked panorama. Let's dive a little bit deeper into those:
1) Start Point (fix)
Will take you to the initial view which you have defined for the target panorama - independently of the hotspot or panorama that takes you there. Choose this if you want the target panorama to start as you have defined it in the "Start" sub-tab.
2) Smart Entry View (dynamic)
This calculates where you are coming from to give you a corresponding "entry view" for the target panorama. Much like you would actually be walking in there. Select this for both directions (from Panorama 1 to Panorama 2 and from Panorama 2 back to Panorama 1) in order to also get the 3D transition effect.
This does not respect the Start Point you defined for the target panorama.
3) Same Spot as current media (dynamic)
This really only makes sense if your hotspot or button leads you to the same position in a different state or time - say your living room after a redecoration. It maintains the exact direction you're currently looking in and opens the new panorama in that same exact direction for a smoothless transition. This is great for virtual staging.
4) Custom (fix)
This lets you manually define an entry vision angle or view for every individual hotspot leading to the target panorama - right there and then in the hotspot definition window.