I know nothing of video, I thought you had to do the stabilizing in hardware, like the camera itself had to have a gyro? How does the software work? Who makes some?
Pipe,
you are right on the money. It's a bit like you were saying about fixing a bum drum track, yes it can be done (sort of) but way better to shoot the video stable to start with.
That said though for what you were shooting it's fine. Even tripods are problematic. You've got to be able to move quickly and you don't want to leave expensive gear lying around to get nicked. If you did have nice steady dolly shots it straight away says "staged" to me!
You can get more stable shots in that situation with a shoulder mounted camera but don't even think about it unless you've got a good sound guy with you.
No he's not there to get better audio, he's there to stop you getting killed. Cameramen while concentrating on what's in the viewfinder have walked into open manholes, over cliffs, in front of tanks, been shot and blown up. Oh and did I mention having the cops give the camera a good shove into your face?