Here is a link to my iMove 09 adjusted version mentioned earlier. In my opinion the "cleaned" version is much much nicer.
iPhone 4 Video via iMovie 09
It does look nicer, but sadly your processing has also really highlighted the rolling shutter distortion, especially when the pan reverses at about 0:06. One day we'll have a "cheap" camera technology which doesn't suffer from this. That day is not here yet, it seems...