I learned about the Deshaker plugin for Virtualdub this weekend. So as a trial I ran this video:
through the filter, and it came out with this:
It seems to work best on the straightaways (i.e. 0:25-0:40, etc), where its essentially a smooth progression down the road.
Considering the fact that I didn't have to do anything manually other than load the video into vdub and launch the filter, I thought it was pretty frickin sweet (not to mention necessary for handlebar-mounted videos taken on skinny tire bikes).