We know enough not to subject our family and friends to our long boring videos (perhaps from our GoPro or Google Glass). We could speed them up to shorten them into an acceptably short version. Unfortunately, speeding up a video also amplifies every little camera shake, yielding an erratic, jerky video.
Now, Microsoft may have an answer: it has presented a Proxy Geometry algorithm that can take your long video and convert in into a time-lapse video with a smoothly moving camera. They call the result a hyperlapse video. It is quite impressive. No idea if they will make the algorithm publicly available anytime soon.
Read the paper and view the technical video at: microsoft