This same concept has now come to the iPhone, to make your photography and videography shake free with Stayblcam, a Kickstarter project that just got funded. From the looks of this, it could sell for about US$80 but I am not so sure if it would appeal to just anyone.
There has been a boom of sorts in the selfie market, where tripods and bluetooth enabled triggers are used to shoot your narcissistic self. The Stayblcam is the byword for a video selfie if that's what people are calling these days.
Used at arms' length, the Stayblcam is a god sent. Videos are no longer 'bouncy' or 'shake' ridden to the point of being geriatric and you can capture smooth video of moments and places that could earn you the title 'Mobile Spielberg'.
The concept isn't new. Cine cameras have been using the Steadycam method for the longest time and lately, there are a host of other accessories for you to remove the dreaded camera shake from your video footage.
Some are technologically outstanding. For example in capturing a higher resolution video, software can be used to steady the footage. This is not perfect but for some of us, it is a great way address the video shake issue. Then you have the battery powered gimbal.
Such tools are already in the market and it's more comfortable to hold too.
There are of course other silly contraptions which uses a similar concept, this one is from GoPro, the action camera that has a WIFI capability and an iPhone/Android app to boot. What you do is to use your smart device as a display with video controls on the app.
The future now is in 4K superHD video and that my friend is another monster to deal with.