Yes! All programs work completely independent from each other! You can even install different versions of the same program. Just make sure the programs are in different directories during installation and later you can change the name of the programs to reflect their version, i.e. Pano2VR 4.0, Pano2VR 4.5beta and Object2VR 2.0.
By default, Pano2VR and Object2VR both check for updates every 7 days. If the update is incremental, it will download and install it automatically. If it is a major release, it will require a manual download and install. A major release/update is an increase in the version number. For example, from 1.0 to 2.0; 2.0 […]