I know it’s not quite Full HD, but the iPhone 4 still captures decent video. In fact, as long as the lighting is decent and the subjects you’re recording aren’t frantically moving about, the device can churn out some pretty impressive footage.

However, without a tripod or a mount, there’s a good chance that your videos will come out shaky. The iPhone doesn’t come with an image┬ástabilizer, so unless you have the steady hands of a trained sniper, you’re out of luck. Enter the Stedicam Smoothee…

MacLife introduces the new iPhone accessory that promises “home movies without the motion sickness.” The Stedicam Smoothee takes the basic premise of the popular Steadicam, and condenses it down into something a lot more portable.

For all of the folks still scratching their heads, a Stedicam is a camera rig worn by an operator that uses gyroscopes to stabilize footage. That way you get smooth video, without the use of a tripod.

Although it sounds complicated, using the Steadicam is actually pretty easy. Simply load your iPhone into the mount, and start filming. Still confused? Check out the demo video:

Full-sized Steadicam rigs used in Hollywood can run as high as $60 thousand dollars. So knowing that might make you feel a little bit better about dropping $279 on the handheld Smoothee. The accessory is made for the iPhone 4, but there are $40 attachments available for the 3GS and iPod Touch.

Sure there are cheaper solutions, but if you frequently use your iPhone to capture video, the Steadicam Smoothee might be a worthwhile investment. If you’re interested, Firebox has them in stock, and is offering free shipping to U.K. customers.

What do you think of the Stedicam Smoothee? Is it worth the money?