You could also make a circular canyon wall, but only the outside of it (use a circular SSS to make it, displace the terrain down), position the camera in the centre, tilt zero, and render a few renders of 2:1 ratio, 45º turned each render, put them together in PS. You will have a few minor warps where they fit pixel to pixel together, but with stitching software like PTGUI this can be recalculated. Ben is an expert in this.
If you make renders less than 45º apart, you can stitch them, and might loose the warps.