In first of all, the application has a lot of issues, panorama does not work, picsphere is very slow, the whole app is buggy and it may not work for some devices at all.
Anyway, you can try your luck by installing the .APK package. If you're about to flash the .ZIP, please make a backup of your current ROM. I won't take any responsibility if you brick your device.
The whole app offers a lot of features including the PicSphere, which is the same thing as the PhotoSphere.
For more information, check out the video -
Original .ZIP file (flash via CWM or other recovery)
.APK file (No root needed)
For bug reports and FAQ, visit the original XDA thread HERE.