I've been experimenting with the steadicam after getting fed up with the way my shots looked and I must say that it's very nice and easy to balance, despite a lot of reviews saying that it's horribly hard to do, but the fact that it has so little friction means that any movement, once induced, will not stop, so it takes planning ahead if you want to make sure your panning moves work out. It does take a lot of practice, but you immediately see the result.
A friend of mine has a longboard for skateboarding, so the next experiment is to combine these two by having somebody on the longboard with the steadicam getting pushed by a second person.
I was thinking about the cheaper options as well, but so far, every time I bought some cheap copy of something I really liked, I ended up regretting it, so when the merlin was on promotion, I just got it and played around with it; It's also nice that you can use it in really crowded places without getting in the way.