It can be painful to watch a longer clip without a gimbal, there are occasions where the 'zooming about' feeling is desirable.
Flying very sedately on near calm days you can get usable footage.
This is an SJ4000 on my Phantom One, it has been stabilised in Adobe Premiere with Warp Stabiliser.
This certainly stabilises it but introduces some very strange warping effects which are hard to watch too.
Youtube have a stabiliser in their edit tools which does work quite well but is an on/off switch applied to the entire video.
When I've tried it some bits look better, others worse so generally changed it back!
[youtube]http://www.youtube.com/watch?v=yD6DJ6f9KNo[/youtube]