Yes, FCP has an image stabilization filter called SmoothCam. It is a bit slow in analyzing the footage before processing, and it wants to do the entire clip rather than just the selected part of the clip on the timeline, but these are minor and the quality is very good for most, but not all, situations. If you have FCP6 or above you should test it. In FCP6 you should export your clip from the timeline and then cut that back into the timeline before applying the filter so as not to wait while SmoothCam fixes the entire clip as captured from your camera roll.
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