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Manfrotto's Modosteady Three-in-One is an exceedingly clever--perhaps overly clever--multipurpose camcorder support. Capable of serving as a tabletop tripod, shoulder brace, or counterbalance stabilizer, in theory, the Modosteady solves a variety of in-the-field stabilization problems. In practice, it seemed to be less useful than I expected, especially for the price.
I shot some video, using the Modosteady, in both braced and counterbalanced mode, with and without the optical image stabilizer enabled (using the Canon HV20) at 10x zoom, to see how much of a difference it makes. As far as I can tell, not much.
Although it doesn't confuse the stabilizer, as sometimes happens when using a tripod with stabilization, it doesn't seem to provide any additional steadiness. Without the image stabilizer, there's still some jitter. If your camcorder lacks an optical stabilizer, the Modosteady might provide some support, but it's price is high relative to what's probably an old or inexpensive camcorder.
If all you're going to use is the tripod, there are loads of smaller, cheaper options available. And if your camcorder lacks an optical image stabilizer, you may want to consider upgrading rather than shelling out for the Modosteady.