We present PanoInserts: a novel teleconferencing system that uses smartphone cameras to create a surround representation of meeting places. We take a static panoramic image of a location into which we insert live videos from smartphones. We use a combination of marker- and image-based tracking to position the video inserts within the panorama, and transmit this representation to a remote viewer. We conduct a user study comparing our system with fully-panoramic video and conventional webcam video conferencing for two spatial reasoning tasks. Results indicate that our system performs comparably with fully-panoramic video, and better than webcam video conferencing in tasks that require an accurate surrounding representation of the remote space. We discuss the representational properties and usability of varying video presentations, exploring how they are perceived and how they influence users when performing spatial reasoning tasks.