Yes, that's my LG Optimus Black, and yes, it is running Photosphere. It's the same Photosphere that distant relation the Nexus 4 is running too, not the LG version found on the Optimus G Pro. Where there's a will, there's usually a way in Android, and Photosphere is one of the headline new features in Android 4.2. We love it, as I'm sure many others do, and thanks to an app available in Google Play, rooted users can have it without any more effort than downloading and opening any other Android app.
Root access with Busybox and Android 4.1 are the only requirements. Since CM10 counts as Android 4.1, anyone running this or other Jelly Bean based custom ROM's should be fine. Upon opening the installer app for the first time, you're presented with the two steps to installation -- downloading the files and then installing them. That simple. A nice touch though is the ability to backup/restore a camera, and you can tell the app to either keep or remove the actual camera app on the device. Once installed, a quick reboot later and you're presented with the Android 4.2 camera app complete with Photosphere, and the Android 4.2 Gallery app required to view them.
Update: The dev just pinged us to say that an update has pushed out that should address a number of bugfixes.
So, how well does it work? In truth, not bad, it's by no means as smooth on my Optimus Black as the Nexus 4, but that's to be expected. And, camera quality aside, it produces some pretty decent looking images. Sadly I'm still pretty awful at taking Photospheres whichever device it's on.
Of course, we shouldn't forget to mention that the other features of the Android 4.2 camera app are also included, such as the gesture based interface and HDR mode.
The app itself costs £0.68/$1.07, and the developer says it's been tested on many devices. That's not to say it'll definitely work OK on yours, but given I got it up and running OK on the Optimus Black, it's fair to say it should work on a good selection. If you give it a try, be sure to let us know in the comments what you're running it on.