While more in the vein of Steadycam, go see -- and read the whole thread I started a while back. The links and suggestions by others trumped my own and shows the versatility of various film-makers on DIY approaches to steadying a cam.
It seems like you could have much the same thing by drilling a hole and bolting a camera to a McDonalds food tray. None-the-less, I'm tempted to buy one for my little CX-7. It's hard to hold such a tiny camera steady.
The CX-7 has no lanc control input, so in this instance I wouldn't miss that in the design.