I've been playing around with Production Premium CS5.5 a little (running the trial, still waiting on box to ship) and the warp stabilizer is one of the big features I was looking forward to. I've run some tests and the results are very impressive.
The plug-in runs very fast. Even on an old dual core with a meager 4GB of RAM (I know, I know, upgrading to a Mac Pro soon...) it runs the stabilizing process very quickly. It's also very easy to configure. Most of the time, changing a couple drop downs and values is all you need to make the shot look great.
This plug-in allows me to do some really fun stuff, like turning the flying tripod trick into a software steadicam, or getting jib-like shots in places where setting up and using a real one would be completely impractical. Basically I'm just putting the camera onto a photo tripod (IOW light enough not to break me when raising it above my head) and holding onto two legs and lifting it up. This is moderately shaky when the legs are retracted, but extended I'm expecting it to get pretty bad. The awesome thing is, with what I've tried so far, it's very smooth and stable and there is very minimal perspective warping - a lot of the times there is none! It really does look great.
I'll be doing some more tests later today when scouting the location for a music video I'm shooting. But so far, this little software plug-in does seem to open some doors for indie filmmakers on a tight budget or time schedule.