Well, I admit that I was pretty ignorant about the work being done on this project in regards to time-lapsed video. I guess I could add to my previous statement that they also cut out irrelevant frames (parts of the video that aren't in the camera path). I don't think this would be THAT difficult to do manually, but I admit that the technical video showing how they were able to graph/visualize the irrelevant frames is pretty cool, and the interesting resulting effects people are discussing in this thread (disappearing/appearing objects, the video game loading effects) are amusing.
I never said that it was trivial, just that similar stuff has already been done and made a "standard stabilization technology", automatically and easily just by uploading to youtube. It seems that youtube's techniques aren't necessarily completely different: there's a screenshot of an article from Google in this video [1] called "Auto-directed Video Stabilization With Robust L1 Optimal Camera Paths". However, I do appreciate and shouldn't disrespect the specialized work being done for time-lapsed videos. My apologies.
[1] https://www.youtube.com/watch?v=BgAdeuxkUyY