I find the IS to be excellent, though it does take some attention while zooming to keep from moving the camera. For me, to get good results, I hold the LCD screen at the top and bottom with my left hand. With two hands and some attention, I get very steady video. I've given up trying anything but stills with one hand.
Yep same here, always have the LCD 'pinched' between my forefinger and thumb of my left hand. I guess most people know, but panning at wider zoom will always yield better results than with a large amount of zoom dialed in.