it's more to do with how the panorama is projected (drawn) onto a flat screen rather than zoom.
with panoramic street view imagery there are a few options, which all look a little bit different.
option 1 - the panorama is displayed using the source equirectangular image. This has fish-eye-like distortion, with horizontal straight lines look curved away for the center of the image. like the street gutter in the image attached previously. (this is what historypin seems to use)
option 2 - the panorama is wrapped onto a virtual sphere and should look 'correct' but requires more grunt on the client side (this is what
maps.google.com mostly uses... depending)
by default the projection is selected based on the characteristics of the computer showing the street view.
the historypin application could set the default rendering 'mode' (html4/webgl/html5) to the undistorted one. but the risk is it may not work well on some systems.