Since not all devices can have OIS, it is a very welcome feature coming with Windows 10. Not only video stabilization is natively present on Windows 10 for Phones, it comes with advanced feature of controlling “amount of stabilization” to be added. Per the document.
This is a mandatory capability. When specified, the digital video stabilization is enabled in driver\MFT0 and the default overscan padding setting is up to the driver. This flag is mutually exclusive with the AUTO and OFF flags.
In this video, Microsoft has used two entry-level devices side-by-side to capture videos and one can actually notice the difference between quality of two videos (with and without Digital video stabilization).