That's been around for a while and is due to the inability of the installer to put Panorama.cgi where it belongs - and which varies epending on the OS. It also depends on if you're running OS Server or using a standard OS.
Below is a post by Jim Rea from some time back that is still valid. I've added additional notes to it. If you're on OS Sever let me know and I have far more that I can share.
OS X Server and Enterprise
I have confirmed that Apple's new web server folder arrangement described by Jim Cook only applies to OS X 10.8 SERVER. In regular OS X 10.8, the web server still uses the old folders that were used in 10.7, 10.6 and earlier versions:undefined> /Library/WebServer/Documents
ALL versions of OS X and OS X SERVER use the above folders for web publishing EXCEPT OS X 10.8 SERVER, which use the new folder arrangement discovered by Jim Cook:
This means that if you want to use Panorama Server Web Publishing or Internet Sharing on OS X 10.8 Server you will have to manually install the Panorama.cgi file. Here are instructions for doing that.
The panorama.cgi file is located here:
Hold down the option key and drag it to /Library/Server/Web/Data/CGI-Executables
To set up the permissions, type this line into Terminal.app
sudo cd /Library/Server/Web/Data/CGI-Executables; chown USERNAME panorama.cgi;chmod 6755 panorama.cgi
Replace USERNAME with your actual unix user name (usually the name of your home folder).
If you need to manually install panorama.cgi on regular 10.8 or any previous version of OS X or OS X Server you can use the same instructions, but substitute /Library/WebServer/CGI-Executables instead of /Library/Server/Web/Data/CGI-Executables
Note: Whatever system you are using, these two folders must have permissions set so that the current user can write files in the folders. On newer systems (10.7 and later) this is NOT the default permissions as shipped by Apple, so you must modify the permissions for these folders, either with the Get Info command or with Terminal.app.
Jim Cook, right back at you in appreciation of your efforts in tracking this down.
Webserver>Documents is not the Apache default on 10.8 and appears to be deprecated.
Instead it uses Library/Server/Web/Data/Sites and Library/Server/Web/Data/CGI-Executables.
Dragging a copy of panorama.cgi to the Library/Server/Web/Data/CGI-Executables folder made the difference. It's working like a charm now
panorama.cgi is found in Panorama/Extensions/Enterprise.cgi-bin.