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I generally get decent results with shutter speeds of 1/400 sec and faster.
IS lenses will be of no help when shooting fast action, but a faster shutter speed will - thus the need for faster lenses and higher ISO capability.
I've spent a lot of extra money for IS on some of my lenses, but I generally turn it off for sports. A pratical guideline could be this - if you're holding the lens steady and pointing it in the same direction while watching for 'the moment', and you're still pointing it in the same direction when you take the photo, then IS can be of high value. If you're moving the lens around while you follow the action, then you'll probably be better off with no IS. "Mode 2" IS for panning can be very useful, but only in limited circumstances.
Basically, you have four parameters to play with: shutter speed, lens aperture, ISO, and cost. It's always a trade off.