I think one can also look at the Pano not only as a pure Pano camera, but potentially also as a main camera which is relatively compact for what it offers, but then again not compact. Meaning: If you are not so fussed about having the smallest body possible you can use the Pano as main camera almost with the benefit of special formats. All lenses below 70 will work just perfectly fine, but you have more flex overall.
It can go 10mm up, so no real negative for the 32mm HR and only if you shoot the 50HR or above you lose some if you do architecture and need to capture the skies (excluding 43XL here because not many have it). As pure architecture photog I would prefer the Plus, but it can be a good alternative if you don't mind a bit larger size of the frame and remember you can attach stitch adapters on all sides on Alpa cameras, so you can actually get 35mm rise and 10 left right if you use the camera vertically. I find it an interesting combo of shift abilities, although I would have preferred 5 more on the rise side. So in the end it is more a convenience factor which format is better and I also love the Max / Plus for their compactness.
Another aspect worth noting which I only realized when handling it is the new detent mechanism. It is super fast and feels very nice, will upload a video so people understand.
Clearly another aspect is price, it costs more than the other bodies, so I suppose it is all about trade offs, as always.
