360 degree means that the pano covers 360 degree view, the entire view of the scene. If you notice, the left edge actually joins back to the right edge. Yup 27 frames means the pano is made from 27 pics.
A few tips on shooting pano:
1) This is very important: always remember to lock exposure, meaning either switch to manual mode (which I prefer), or use AE lock. To find out the aperture and shutter speed setting, I would first set the camera to aperture priority mode and select an aperture, turn one round with the camera and take note of the metered exposure (in this case the shutter speed). The shutter speed will be higher at the brighter sky, and lower at the darker side. Choose an adequate shutter speed base either on the exposure of the main subject (which in this case the peak) or average of the noted shutter speed range. Then set the camera to manual mode and set the aperture and shutter (or lock AE at the desire setting). The reason for doing this is to avoid having some frames with darker while others with brighter exposure, which will cause a lot of stitching problems. Using manual WB will also be useful.
2) Select a focal length that has less distortion (this is dependent on your lens). This will also help in avoiding stitching problem later. However, Hugin has in built algorithm that is smart enough to handle many lens distortions so this is not a great issue.
3) If at all possible, use a tripod. If not, hold the camera steady and turn with your lower body and not your upper body. You can do a practice turn before shooting. Make sure there are enough overlap on each frame to the previous one.
Hugin v0.7 is actually pretty easy to use with it's new "assistant" feature. Just follow the steps and click the 1, 2, 3 buttons and you're done. But of course if you want to fine tune you'll need to understand the program better by reading through the tutorials.
Cheers and have fun.