Here's the test, with both phones mounted on a bracket, which was then carried as smoothly as possible by Anand:
Terrific results from the Nokia Lumia 920, I have to say. Three-axis stabilisation means that you're not limited to compensating for judders up, down and sideways, the stablisation also compensates for slight twists and rotations, too. Impressive.
While we're here, Anand also did the same test at night, showing not only the stabilisation effects, but also looking at low light performance:
As expected, the larger ('ultra') pixels on the HTC One allowed for a lighter video image, though arguably lighter than was true to life, while the Lumia produced the smoother and more watchable footage. This test isn't quite so clear cut though - your comments welcome - which do you prefer?
[In each case, make sure you maximise quality and window size!]