Timelapse photography is great, and it's certainly something we've seen DIY solutions for before. Over on Make, they show off another way to do it, using an Arduino.
The project requires a variety of skills, including building the chassis for the camera as well as programming the Arduino itself. In the end, you'll have a system where the Arduino automatically pans the camera during the time lapse while your camera does the actual shots. If you do a lot of time lapse photography, the pan adds a lot to your shots, even if it does take a bit of work to get it up and running.