I have two 150 Panoramics - an original P150 and a P150i. When I got the P150i, I updated the firmware on the P150 which changed how it stored pictures. Instead of storing them in a single folder like normal, now they are stored in a daily folder. The P150i does the same thing so I assume this is an "enhancement". It is very cumbersome to review photos this way to say the least.
I contacted customer service who said there weren't plans to change the storage configuration. I'm wondering if there is a way to roll-back the firmware so at least one will store photos in the typical way.