A new method, developed by Microsoft Research is producing very impressive timelapse video, with the best image stabilization ever seen.
This is achieved by converting 2D video into 3D rendered scene, and then rendering a new “virtual camera” path through it all. This is also a new advanced form of video interpolation too, with high framerates to be rendered independently of the original video framerate. A wearable GoPro camera essentially ends up acting as a 3D scanner! See how it is done.