Even a simple monopod works pretty well for me. Most people I see using a monopod have the shaft of the 'pod pointing straight down from the camera. This results, as johnmeyer says, in a lot of pivot motion. Far better is to use an adjustable head to point the monopod shaft down at a 45-degree angle. Then, make a right triangle with your body, the monopod and your arm. Everyone knows a triangle is the most rigid geometric shape; the result is a pretty solid platform. The only problem with putting a monopod on the ground is that you sacrifice some mobility.

However, if you brace the point of the monopod against your body, instead of the ground, while maintaining that triangularl shape, you can come very close to the basic design of the Varizoon LSP, only for much less. I have a $40 Bogen monopod with a small adjustable tripod head that I can lock down at a 45-degree angle. I've put a quick-release plate on the head, so it fits into the same plate I use for my tripod.

Bogen also sells a simple, adjustable plastic shoulder brace that is designed to fit between the monopod and the adjustable head. Adjust the monopod, head and shoulder brace so the end of the monopod pokes you in the gut when you hold the camera at eye-level. I stick the point of the monopod in a fanny pack turned around to face forward. Works really well, is pretty comfortable, and costs less than $100 for the whole rig.

If you want to get really fancy, it would be pretty easy to attach some shoulder straps so you can be hands-free.