How to render VR content in Corona?

VR capabilities have been added in post-1.3 versions of Corona. They can be found in CoronaCameraMod modifier, which can be applied to any type of camera. Currently Corona is capable of rendering a single file containing two spherical (equirectangular) or cubemap images for both eyes. The rendered output can be used directly with the software supporting such format, or should be manually edited if that's required.

Camera with CoronaCameraMod modifier. The VR options are highlighted. Click to enlarge.

Corona VFB with a stereoscopic equirectangular rendering visible. Click to enlarge.

Examples of VR Corona Renderer images using different settings - [forum thread]