Microsoft Research Labs present a method for converting first-person videos, for example, captured with a helmet camera during activities such as rock climbing or bicycling, into hyperlapse videos: time-lapse videos with a smoothly moving camera.
For a more technical explanation of the system watch this video.
Check out project page for more details.
I enjoyed watching your video. I was thinking about using that technique for some of my film projects. I just which their was a more simple way of doing this without making a 3D model.