Version 2.0 of AMT does not allow you set the level of correction -- it defaults to full correction. However, AMT 2.1.1 allows you to set the correction level, similar to the way that the QTVR Player does.
To set the correction level using AMT 2.1.1, do the following:
Step 1
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Add a QuickTime VR panoramic movie as a media element.
Step 2
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Designate the movie as panoramic (click and hold until the menu appears)
Step 3
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Double-click on the movie, the correction setting is available at the bottom of the dialog.