Yes, you're absolutely right John. I'd totally forgotten when v11 was released. I made a new panorama in v11.32 with the same images and opened it in v12.21 and the output panorama is very similar. There are differences if you switch from one image to the other which you can see in the tone curve in Photoshop, but they're close enough to be ignored in most circumstances and easily rectified if it's critical.
I still have a large number of images that would have been made in v10 though, so I'll have to keep v11 on my system, just in case I need to go back to them, but that's no big deal.
PTGui does just keep getting better. Thanks Joost!