For users wishing they could do more with their Photospheres, Kittehface Software just launched a solution for you, and it looks pretty slick! Their product is called PhotoSphere Live Wallpaper and it does exactly what the name impies. It allows you to use your custom Photospheres as live wallpapers on your device. Here's a brief description from the developer,

Take advantage of Android's unique Photosphere feature by viewing one right on your home screen! Photosphere Live Wallpaper properly displays a Photosphere image on any Android device, with appropriate camera controls when swiping between home screens and tilting your device!

Includes one example image (Beach!), and the ability to select your own Photosphere images.

TO USE: Home Screen -> Long Press -> Live Wallpapers
Here's a link to the Google Play Store to check it out: