What interests me is whether - if it works as well as it seems to do - we should start recommending people to buy the software instead of a tripod.
That's a good question Dave. My immediate reaction on seeing what it can do was 'Hooray, I needn't lug a heavy tripod around all the time'. But it isn't that simple or clear cut, I think.
On
really shaky videos, Mercalli does an excellent job without necessarily enlarging the image: but the result can involve the edges of the image being blurred at strategic points - edges which Mercalli has put in to replace the 'black border', I might add. It is possible to experiment to minimise that border effect - or eliminate it altogether by allowing the image to enlarge if necessary (Expert version only I think).
Point is, whilst it is a real life saver - and as I thnk I may have mentioned, now makes available a whole drawer full of old VHS-C and Hi-8 tapes I shot years ago but haven't been able to use because of the cam wobbles - I don't think one can truly say 'ditch the tripod' altogether. I will certainly be reducing my tripod carrying to essential events. But I won't get rid of it: after all, it is easier to start with a steady shot than to spend time on the editor stabilizing the shot. Think of it more as a remedy than an alternative.
I have found something else as well (it isn't all a bed of roses!!). In Liquid, anyway, if other effects are applied as well, the Mercalli filter can be upset a bit and cause odd things to happen. My solution to that is - steady the clip with Mercalli, then 'fuse' it (the Liquid term for creating a new AVI of that clip - something it does almost instantly, or at least darned fast!), then use the new, steady clip for any further filters. Again, the ProDad people (and the Liquid people) know about this and they're working on it.
What I have yet to try is applying a Mercalli filter to a containerised block of clips. My feeling is, that wouild be asking too much of it. But it will be interesting to find out.