The iPhone 4S doesn\'t have IS, but the camera is really pretty good. Obviously not going to do DSLR level shots or anything, but I\'m finding it as good or better than the average point and shoot. There is a nice free program from Smugmug (that doesn\'t require smugmug to work) that is a great replacement app, and has an \'IS\' mode, that simply uses the accelerometer to wait until you are steady and then snaps the shot...it works surprisingly well.
As for the EM-5...I\'m with you Bifurcator...I really want this camera, but I\'m going to wait for prices to drop. I\'m hoping with the trend of downward pricing on m4/3 bodies that I\'ll be able to pick up an E-M5 in about 9 months for about $650.
