Apple Thoughts: Do It Yourself Steadicam for iPhone 4

"This is really awesome. While there are rumors that an iPhone 4 steadicam is in production, Spencer Watson didn't wait -- as you can see above, he went ahead and built a steadicam rig for his own iPhone out of some parts he had sitting around."

This is pretty ingenious, and done with parts you can find in your local home improvement store (all but the Nerf gun unless your home improvement store has a wider selection than the one that I go to). I don't think I would have much use for this since my filming is limited to family stuff, but I certainly can see the advantage if you are using it for stuff like he does in the video that follows after the break.

It really works well doesn't it? I may change my mind and try this out. I always have to figure out how much it would cost me in time before I attempt projects like this. Is it worth my time to build or should I just buy one retail. What are your thoughts on steadicams? Do you have a use for one with your iPhone? Would you build it yourself or just pay the extra for one retail?