I get that for a timelapse eventually the footage will be 1080p, which is way lower quality than jpg. I guess a better question would be, is it worth it to shoot in RAW, then edit the photos (edit one and apply to the rest) and then convert to jpg?
I need the IS for video. That said, I bought the new one a few weeks ago and don't regret it even with this rumour. I'll be able to sell it in a year and buy the new one and take advantage of having the current version for at least a whole year.