This build contains seven UI's. After launching Panorama for the first time, it starts the "Test" UI. It takes a bit to load, so wait until the clock hands start to move before trying to interact with it.
Use the "settings.cfg" file generated into appdata to change the UI. The bundled UI's are "Test", "Simplicity", "Colors" (PMenu emulation example), "Tabbed", "TestSuite", "Magma" and "MilkyTest". Use the fullscreen variable to set Panorama start fullscreen. Some UI's like Magma add variables to the settings file after first launch for you to fiddle with.