Actually, I have been able to smooth out rough pan, tilt shots with great success by using multiple tracking points.
First of all, if you are lucky enough to have a single point to track through out the entire shot, start your tracking routine and track until the camera vector changes; i.e., the pan turns to a tilt, and halt the tracking.
If the movement was a pay, say, then go ahead an apply stabilization on the “Y” axis only (up and down).
Back up at least one frame BEHIND your last tracking point and start tracking point #2. Let’s say the camera is tilting up; track until the camera vector changes again and stop. Apply stabilization to the “X” axis (pan) only.
Keep doing this until you get the shot mapped out and then go back and fudge the overlapping tracking points manually until it looks acceptable.
Don’t forget to overlap your tracking start with the end of a preceding, pre-analyzed shot or you might have a sudden jump in the position of the image.
This is not an exact technique, you’ll have to explore and experiment to get it right.
Kinohead
“The camera is a base instrument; you must do violence to it…” Orson Welles