[dr_zoidberg]

Even if you don't have/can't use a tripod , software stabilization is pretty good for handheld use. And there are a few ways you can pull that with OpenCV, so it's not that expensive editing software is involved (of course, Photoshop has it, and in a "photographer friendly way").

[rocqua]

Stabilization deals with orientation. Location cant really be corrected for based on a 2D image.

[dr_zoidberg]

Yes -- but it still works fine for the common distortions that a handheld camera introduces (assuming you don't go into very large time spans).