curiousgeorgie:
Should I be looking for this feature in a digital camera? I'm an amateur photographer.
I assume you are talking STILL cameras? If so...
Image Stabilization is VERY useful for a couple applications. One is handholding longer focal length lenses. Since one must use a higher shutter speed as the focal length increases, IS/VR whatever is VERY useful, and generally built into the lens, not the camera.
The other situation IS is useful is for handholding in low light situations. So if one is trying to shoot indoors at 1/15 of a second at 85mm, a 1/85 of a second shutter would be likely needed to hold the lens still, but IS can allow generally about a 3 stop max lower shutter.
The reason I say that one should not worry too much about IS underwater is because you are generally shooting moving objects AND if the light is very low, IS is just not going to make a huge amount of difference.
1/15 sec is NOT going to stop action, so the end results will be anything moving will be blurred. When using a flash (like macro) the flash duration becomes the shutter speed, so shooting with a flash freezes action. So IS is useful when shooting without flash for non-moving subject matter at wider focal lengths.
Another thing that should be considered, but I can not answer is how effective is IS underwater. It is designed to work above water, and basically it floats either the sensor (built in) or the lens elements (in lens) to account for user shake. How this works out UW can ONLY be answered by someone who has tested it.
Anit-Shake is ONLY found in maybe one camera that I can think of (Minolta). I read that another maker is going to start putting it in camera as well (maybe Pentex?).
At this point I'd focus on available housings. IS is hardly worth a lot of thought unless the priority is above water shooting, and then really not all that important unless one plans on doing big focal length stuff, or low light.
Ron