Click on the link above and you will see another implementation of the streeview function that is being added to the Google Maps API. It is based almost completely on code developed by Map Channels for their Street Driver. All I've really added is an event listener to display the location below the streetview
Go and have a look at the Street Driver. Even though it is still in development it is amazing.
My thinking is that this could be developed into a virtual tour of an area by streetview with some dynamic description at the side of the streetview that updates as the location changes. However I'm not sure how to do that yet :).
Hint: If you click on the streetview you can then change the direction that you are looking with the arrow keys of your keyboard.