Our friends over at Palm Sounds (an awesome site for gadget loving musicians) just turned us on to a killer video by Spencer S. Watson, demonstrating how to construct an iPhone 4 Steadicam.  I imagine it works quite nicely for the 3Gs as well.

The demo footage looks pretty swell.  It’s certainly not a replacement for a multi-function grip like the Owle, and it might not be as smooth as the Steadicam Smoothie.  Rather, it looks like a terrific (and inexpensive) addition to your camera kit.  Totally worth the $30 Spencer spent to build it.

If you construct one, share your experiences and video links in the comments.

How to make an iPhone 4 Steadicam

Some sample footage