video $20 SteadyCam in an afternoon
Heres a cheap and easy steadycam which works amazingly well. The design is based off Johnny Lee's, which can be found at http://johnnylee.net/. More of my projects can be found at patricksprojects.posterous.com or here on instructables.
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The screw coming out the top is a 1/4" Whitworth, which is the standard for camera tripods. Almost any camera that has a tripod screw mount will fit that.
The concave washer spreads the load out across the base of the camera so that there isn't a concentrated load on at the attachment point. For my point and shoot it's not so much of a problem, but for larger cameras you really don't want to have its whole weight focused on one small 1/4" point