Microsoft research have recently shown a video of a new time lapse video effect merged with video stabilisation that they call it hyperlapse and I think this could make for some cool aerial videos when they release it to the public.
The way it works is similar to how 3D models are constructed from your photos where it calculates the geometries and the path the camera has traveled. If you dont care to read the paper here, you can always watch a video that explains how it works below
Overall it produces a rather cool effect but there is quite alot going on behind the scenes which could be used for robotic applications, such as SLAM (for navigation without GPS) and structure from motion for photogrammetry/3D moddeling. They dont seem to mention how long it takes to process in the videos (I have not read the paper) but my guess would be that its rather slow. They say they plan to release it as a windows app sometime in the future so that will be fun to play around with to see how it works up in the air and could even make some cool videos without the need for a gimbal!