Wired:

Using clever algorithm processing, Hyperlapse makes it easy to use your phone to create tracking shots and fast, time-lapse videos that look as if they’re shot by Scorsese or Michael Mann. What was once only possible with a Steadicam or a $15,000 tracking rig is now possible on your iPhone, for free. And that’s all thanks to some clever engineering and an elegantly pared-down interaction design.

I don’t know if Hyperlapse will encourage me to shoot more video but anything that can help the queasy-inducing shake of most handheld iPhone video is a good thing.