In my opinion Warp Stabilizer is a really mediocre stabilizer. Not only it takes ages to analize the clip (on a system with an Intel i3930k CPU and 32 GB of RAM), the results are often terrible for anything that is not simple footage with a little shaking. And believe me, I tried every possible option in it to make it better, but it's just bad.
Having had Edius before Premiere, which comes bundled with Mercalli 2, I was used to great stabilization after a very short time of analysis, in fact I just did a simple comparison of the same clip that is only about 3 minutes long, which took over an hour to analyze with Warp, and with Mercalli Pro in Edius it did the analysis at 60 fps, which is more than twice as fast as the clip itself for 23.98 fps footage. And the result of the stabilization is far better than what Warp produced.
As of now I can import the footage into Edius, run Mercalli and export the results, but since I have quite a few shaky clips I would prefer a solution that works as a plugin inside Premiere.
But seeing that Mercalli Pro is $250 to use as a plugin in Premiere, I was wondering if there is another plugin of equal quality and speed for a lot less money. I remember trying the NewBlueFX plugin but it was terrible, and I would prefer not to start installing trials of lots of plugins since I recently did a fresh install of my whole OS and apps and I don't want to start messing that up so soon.
The one that I read about most often, and usually with glowing reviews from users, is Mercalli.
Yes, US $250 is a bit steep, but I see it as a "featured special" on Digital Juice (http://www.digitaljuice.com/default.asp?) from time to time.
Good luck, and maybe others will have alternates for you.
I'm with Bill on this, Mercalli 2 is the best stabiliser out there.
I totally agree, Warp Stabilizer is unusable - far, far behind Mercalli.