Just a few days ago Instagram announced their Hyperlapse app which creates in-camera hyperlapse movies. Quality is not a stunner, but it definitely hint on the possibilities. Here is the trick, Instagram uses the in-phone gyroscope to stabilize the footage.
This is a great idea (as Ben noted), and in fact I think that all cameras should have a gyroscope built into them. In fact, I predict a trend coming in the next wave of camera to have a built in Gyro. For more than one reason: