is IS important for HDSLR video?

I really don't understand the fascination with optical image stabilization for video. To my eyes, it doesn't look natural. It was designed for taking still photos, so it holds things steady within a certain range, but then if you move outside that range, it snaps to a new position and holds that steady... resulting in a queasy floating look punctuated with herky-jerky jumps.

Best bet is always a solid tripod, but if you don't have that, then I find a shoulder support or even just bracing the camera with both elbows tucked into the chest and a reasonably wide angle lens to give me far better results.