In fact there are many possibilities if you spend enough time with fcam, especially for stabilization, and I am thinking to implement some of them on rawcam, after the feature freeze period passes.

Two ideas are already possible and showcased on the N900:

1. Fcam allows for very high framerate burst, so Fcamera on the N900 performs a kind of stabilization by shooting 5 frames really fast and choosing the best one of them automatically. This is simple to implement but can increase stability significantly
2. Lowlight for the N900 takes one blurry shot with low iso and one steady shot with high iso, and combines the contrast of the steady shot with the color information of the blurry shot to produce a very good quality final image.

Some more ideas that I've been thinking.

1. Optical Image Stabilization works by moving the sensor to the opposite direction of the movement of the camera thus compensating for the shake. Maybe it could be possible to do this digitally by compromise a part of the sensor. Instead of taking one frame, say with 1/15th of a second shutter speed, we can take 4 frames at 1/60, align them with software and produce an image from the overlapping portion. We'll then lose the edges of the picture (thus we'll have less MP) but the overlapping image will be correctly exposed. I have no idea if this is possible (to capture frames so quickly) or if it will have the desired effect (or if it is just as if we adjust the brightness of one frame in gimp)
2. The mention of the accelerometer gave me another idea. While capturing, use the accelerometer to check when the phone is most stable and start the capture then. If the accelerometer gives us values as fast as fcam provides frames (30Hz) then we should be able to shoot when the acceleration goes below a certain point, or after 0.5s, whichever comes first. Combining this with the methods in the above list may have impressive results.