I guess we all assumed stuff. The OP was talking about a non-IS lens being usable even on a tripod. We respond supporting ourselves in personal experience, I believe. Then the thread starts drifting and we end up discussing whatever it is drove our attention away. For the last 20 posts I was thinking the OP wanted to shoot handheld with the 200mm! haha
But to summarize, I'll add my list of 2 cents.
1. It's hard to discuss stuff when we don't share the same language, and I'm talking about mere technical terms (or not so technical). I assumed "handheld" was about literally holding a camera with your bare hands, no support whatsoever. IS does help, using a non-IS lens is jittery as hell. And that's talking about a 200mm on a full frame camera. 'Cause it becomes around 300 on a super35 sensor or an APS-C sensor. Then 400mm on a MFT sensor! So unless we agree on the camera, it's hard to say how bad or good it will look.
There's definitely a "handheld look" as opposed to using a camera "handheld" or shooting with a "handycam". If I shoot with a shoulder support I wouldn't say I'm shooting handheld, but I'm definitely getting a handheld shot. So there's that, if it means anything to you.
2. I shot a documentary last monday with just my 28mm, 50mm and 135mm (and sadly, my 14-42mm kit) on my GH2. 50mm is as far as I'd go when shooting handheld (that is, using my bare hands). I like to think I've pretty steady hands. But 135mm (270mm on 35mm equivalent) is crappy footage altoghether, of course. But when I put on my shoulder rig, things start to look sweeter (although I really really miss IS). In other instances, some kind of support like a monopod or a tripod acting as one (of course, the ultimate weapon is a proper tripod, with which I've managed to get awesome pictures using EX Tele on the 135mm). I could put together a private popurri if you want to see those shots.
3. About IS not working handheld on a 200mm lens, markm... I used the HV series (HV20, 30 and 40) for a couple of years almost daily. I loved it, and still do. They all have image stabilization AND rolling shutter and shooting at their maximum 10x zoom was the equivalent to 430mm in 35mm terms. I'm not gonna say it was the best footage out there, but it was certainly useable. So I can say tele shots with IS do work. And of course, on the other hand, I would've never achieved them without it. Here's a promo video I made to sell my cam with many shots I made through the years, and there you can see many long tele shots (like the little Beagle's ass, the two Jehova Witnesses on the building, the road/plane shot which reads "CON MUCHO ZOOM...", the crowd shot of Fito Paez's scenario...)
[url="http://www.youtube.com/watch?v=DmgWXuQLQgM"]http://www.youtube.com/watch?v=DmgWXuQLQgM[/url]