The Galaxy S III has the the jerky video footage typical of cameraphone devices, but the Lumia 920 has much smoother video, as if the device was riding around on a Steadicam. When watching the video it's worth keeping an eye on the car clamp / mount, which gives a good idea of just how much the two devices were being shaken about.
Also of interest is a second video from The Ultimat111, which compares the camera capture results from the Nokia Lumia 920 and Samsung Galaxy S III when taking a picture in low light conditions. The Lumia 920 manages to capture a visibly better result, although some caution should be used given that the results are only seen on the phone.
We wrote about the Lumia's 920 OIS system earlier this month, as part of our article on the elements of PureView in Nokia's new Windows Phone flagship. The effect of the OIS system are particularly noticeable when using video, but also apply to still photography because it reduces the effect of camera shake, and, in low light conditions, allows for longer exposure times, resulting in better images.