We posted a DIY stabilizer not too long ago that should actually prove to be very capable, but if building your own isn't something you're interested in (and you need one specifically designed for a smaller camera), some brothers from Cambridge, MA have come up with their own stabilizer that is specifically designed for that purpose. While it will work well with camera phones like the iPhone and compact cameras, it can also handle smaller mirrorless cameras and DSLRs like the Canon T2i. Check out the intro video below, but if you want a discount you'll have to hurry ($140 vs. $180 at retail), as the Kickstarter campaign is ending at 6:53pm Eastern.
The footage from the stabilizer actually looks pretty good considering how small and light this stabilizer is. Often the heavier the rig, the better the movement will be (which is why so many people try to weigh down even small rigs like the Steadicam Pilot). This isn't going to be as good as a $10,000 Steadicam, but it's also much better at dealing with smaller rigs. There are plenty of small cameras out there that would work well with this rig, and it could actually be a perfect match to many of the mirrorless cameras out there -- even the newly announced Canon EOS M.
Again, if you would like to get one of these for a little bit cheaper, you'll have to get one very soon as the Kickstarter campaign will be over before the day is out (if you're in the U.S.).