www.designhuman.us - shameless plug!
I like shooting video of my two year old daughter as she achieves a lot of her milestones! and after she started crawling than walking I found my walking with her, capturing all the glorious moments a father is so proud of. like pulling books of the coffee table! for whatever reason my wife does not find these moments so glorious ... I digress.
What I quickly found out is ... i shoot with my iPhone because is always in my hand. I desire a better stability of shot ... well, the rest is history

What you will need from the hardware store:

- an 8/32 threaded rod
- some 8/32 nuts
- some large washers (2-3)

instructables.pdf
Download

Step 1: Order the Holder From Ponoko.com

I am not the first one here to use ponoko.com. they are great and their packaging marvelous. they will charge you $36.75 for the holder and shipping is around $10.00
What you will need from ponoko.com find it here : http://www.ponoko.com/showroom/dhc

Step 2: Bend the Rod

Anchoring the end in a vice, bend the threaded rod slowly not to break it.

Step 3: Prepare the Counter-weight

Attach two or three washers to the long end of the rod. tighten enough not to have play. you will need to readjust in a later step.

Step 4: Attach the Holster to the Rod

Attach the bent rod to the holster. Make sure you thread a nut on the rod before threading the holster on the rod. makes your life easier. Tighten up.

Step 5: Balance the Assembly

Now is time to balance. I found it easiest to balance left to right first. Than front to back. Once happy with these two is time to adjust the pendulum.
Place a rubber band on a tangent line to the bottom of the holster - like in the picture. easiest to hang it of a wire or have someone hold it. now move the weights up or down the rod until you achieve a balance - the face of your phone (which at this moment is facing down) is as horizontal as possible.
What we are striving for is a "balanced pendulum" effect giving us a counter swing to our movements.