It is obviously more effective to move a lens element at or near the
nodal point of the lens a small amount than to move a sensor at the
"film plane" a large amout. IS is generally required more the longer
the lens is, whereas in-body IS becomes less effective the longer the
lens is.
This doesn't make sense. A lens element would have to move much more
than a sensor (now, I'll allow that a lens element may have more room
to shift). Think about a long lens mounted on a camera body, and
imagine it pivoting about the camera body (rotational shake). What
moves more - the sensor, or the front element of the lens?