There are two ways to do this that are similar but different.
1) Initial position : This is the position you want the panorama to be at IF the panorama is selected from the thumbnail or say you want to just SHARE the tour with that panorama as the opening view.
2) View Direction : This is the specific direction in which the panorama should open when it comes through that specific hotspot; for eg. you could potentially come to the same panorama from two different hotspots and when you do the view should be different. This means that you would need to set that view direction
North Direction : This is a way to set automatic direction setting; if you set the north correctly in all the panoramas the alignment will happen as expected but if you override the options then it will take the user added option.