The built-in panorama feature in C5050 will be available with xD selected, but it does not mean you cannot take panorama pictures with CF.
Yes, you can simply copy the panorama pictures from xD to CF, the Auto Panorama function in Camedia Master 4 will still accept those pictures.
From my understanding, the built-in panorama feature in C5050 is something like a "wizard" to guide your panorama shots, such as the overlapping area on the left/right side of the pictures and lock the exposure/shutter settings in a sequence of panorama shots.
Without this built-in feature, you may still use manual exposure/shutter to fix a setting and compose you panorama shoots with proper overlapping area covered to achieve the same results, but you will need software like Panorama Factory or upgrade to Camedia Mater Pro 4 (there is a Free Stitch Panorama fuction in this Pro version). If you are serious into panorama, Panorama Factory will be a better choice. Just my opinion.