Short test-flight with a Lumix DMC-TZ7 Camera mounted on a Hexakopter with the HighSight II camera mount.
The Nick Axis is very jittering because of the servo. A servo with a higher resolution or a gear (for example 3:1) would be a solution to reduce the “shaking” effect.
But no “wobbling” or “rolling shutter” effect 
No filter applied to the material. Check it out (available in 720p on Youtube HD):
great quality
can you explain how are “rolling shutter” effect
The rolling shutter effect is caused by the CMOS sensor and high frequency vibrations. The picture looks like “wobbling water”.
Explanation: http://en.wikipedia.org/wiki/Rolling_shutter