No, because there is no way to aim the camera "up", so it will miss the sky directly overhead. Photoshop using the "content aware" feature and it can fill in the missing sky pretty decently most of the time.
I just got my 3DR and here are a few test panoramas using the photoshop technique that PdxSteve mentioned. The first one, required little PS as I imported an image taken of the sky after landing and pointing the Gopro straight up to catch the sky.
The sky's the limit from 101-199 Front St, San Luis Obispo, CA 93401, USA
Avila Cliffs from 1501 Cave Landing Rd, San Luis Obispo, CA 93401, USA
Aerial View of Avila Beach Pier from 79 Avila Beach Pier, Avila Beach, CA 93424, USA
Avila Beach Park & Aquarium from 595 Front St, Avila Beach, CA 93424, USA