Yes, I had this feature on my HTC Incredible. I also miss it and wish the picture scrolled with the screens.
The only reason I can think of for not having this feature is because on the Rezound, you can scroll past what was (on my Incredible) the last screen on your left (or right) and continue to what would have been the last screen on the right (or left), in a circular fashion. In fact, if you swipe across your homescreens very quickly you can get them all to spin...almost like your homescreens are located along the circumference of a sphere.
I'm assuming that the wallpaper is static because otherwise, there would have to be a way to stitch the ends of the photo/wallpaper together so it would essentially spin 360 as well.
Gold star to anyone who can make sense of what I just wrote!