After recent discussions with George Dingwall about the difficulties of avoiding parallax, I thought it would be interesting to hack together a telecentric lens system and see how it worked out for stacking and stitching.
Here's the test result.

See larger image here (3.3 MB, 6321x4104 pixels, reduced to 70% of original size).
Each tile is a stack, 11.5 mm wide. The deepest stack is over 25 mm deep, and the total subject in-focus depth is 37 mm. To shoot the stacks, the camera was shifted laterally. But when I flash between stacks, there's no visible parallax. It's pretty cool.
Here's the test setup.

The trick to making a telecentric lens system is to put the limiting aperture at a position such that the subject sees the aperture at infinity focus. In concept, this can be done simply by placing the limiting aperture at the rear focal point of whatever lenses are between it and the subject.
In this setup, the front lens is an Olympus 80mm at f/4 and the rear lens is an Olympus 135mm at f/32, primarily playing the role of limiting aperture. The distance between the lenses was set by looking through the front lens and gradually reducing the distance between them until the aperture just came into focus as seen by my eyes (plus their infinity-correcting glasses!). It happens that the mounts and thicknesses of these lenses allows that to happen just before things would smash together.
Telecentric optics have a couple of almost magical properties. The one they're most famous for is that magnification does not depend on subject distance. That makes them very handy for machine vision & gauging applications. The other one is that since their entrance pupil is at infinity, there's no difference between a lateral shift and a rotation around the entrance pupil, which is what's required to get parallax-free stitching. In terms of the stacking software, you just completely turn off auto-adjustment, since the optics arrange for every frame in the stack to stay aligned as you shift focus.
Telecentricity does not come for free, however. The front lens element has to be as large as the subject plus the aperture width, so telecentric lens systems necessarily have a fairly narrow field of view. Still, there are some problems for which this seems like a pretty good solution.
I shall go play some more...
--Rik
Edit: Feb 21, 2015, adding links to subsequent closely related threads.