Actually, it appears that Picasa can upload your public geo-tagged images directly to Panoramio! If I'm not mistaken, this is what you'd need to do:
1) Have Android v2.1 w/ Camera App
2) Create a Picasa Account
3) Create a Panoramio Account
4) Turn on the "Geo-Tag Photos" option within the camera settings. (You'll see the GPS satellite icon appear in the corner)
5) After the GPS connection is established, snap the picture.
6) Share/Upload to Picasa into a PUBLIC folder (granted that you have a Picasa account)
7) Within the Web Albums site (you'll have to access it through the internet) go to your public folder where you placed your images), click on one of your images and you'll see a map in the lower right area. There'll be an "upload to panoramio" button. Press it and your image is geotagged into Panoramio.
I'm not sure how long it takes to see them in Google Earth. I figure this is the simplest way to handle things within the google cloud until native apps are made.