For sports where there's a lot of movement, I'd rely on good lighting on and fast shutter speed. In these cases, the SP-510 can handle it no problem without any image stabilization. It's low-light conditions that's the trouble.
I've read that it has an a mechanical gyro for the software processing too (I have this camera, not sure how I can check; the 'Advanced Manual' doesn't mention it) too, but you know what - I haven't used the stabilization feature at all, beyond the initial testing (although all I think it does is boost the ISO for a faster shutter speed).
Although initially frustrating, I eventually got used to holding my camera steady (the SP-510 UZ has very good grip areas for this), and I haven't had too many bad, blurry shots at all. So I wouldn't really think consider the IS bit much.
The burst mode isn't fast at all: 3 images at 1.7fps, although it's better than, say, the Panasonic FZ7's 1.5fps. Haven't really used that so I can't say personally how that works.
I just recently bought a
really small tripod (gooseneck, fits in the jeans pocket) to take around everywhere I go. I think that'll come in handy.
About the movies, it can shoot in maximum 640x480 at 24fps for as long as your storage capacity allows. I'd say for quick, "small snippets" - it would do the trick.
What really bothers me is the noise this camera produces, which seems to be higher than others in its class. In low-lit conditions (especially since you're compelled to up the ISO, and this camera can go all the way to 1600 in full resolution), it's visibly distracting. A simple noise-removal plugin will save your best shots if it's got too much noise. But even without noise removal, the photos aren't bad at all. (You can check out my Flickr gallery for samples, username "livatlantis").
If you do indeed decide to get this camera, let us know.
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particle engine - experimentations in sound and music