I use a $10 monopod I got at Radio Shack. Works pretty well as a makeshift Steadycam if you hold it right.
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That device may reduce "shake" which comes from unsteady hands...but I cant see how it would elimina
te sway and rocking movements generated from body movement (including breathing). These 3 all add up to create an unsteady shot.
I think if you want a hand held shot to look rock steady..use head and legs.
I also think that hand held shots can be done effectively but it is a different type of shot and requires practice and techniques.
isolating camera from body thru use of leg and arms as natural suspension
covering the unsteady movement by deliberately and purposefully moving the camera
use of a little more dynamic / aggression in camera operation. - trying to be rock steady while hand held introduces tension and un steadiness