No idea if the older version is optically different (I only have the latest one), but the lens-based OS definitely is more effective than the in-camera SR at long (300mm+) focal lengths when handheld. I've found this to be the case during 8 months of having the 150-500 OS, and frequently switching to SR when the battery levels get low (Sigma OS uses a lot of power from the camera).
I haven't done a scientific study, but part of the reason might be that when you see the stabilization in the viewfinder you can properly frame things and take care that you aren't shaking too much more, whereas with in-body SR you see a frantically bouncing image and you're really pressing the shutter release and "hoping" it corrects it for you. Naturally, at shorter lengths where the viewfinder image doesn't bounce as much, there really isn't much of a difference in what you see/ what you get...
On a related note, I'm looking to get a faster and sharper zoom in the 300mm range (DA*60-250/4, Sigma 100-300/4), but with the Sigma 120-300/2.8 indefinitely delayed, it's also a choice to do without the HSM and OS in trade for those faster shutter speeds. Maybe the Sigma 70-200/2.8 with OS and a TC? Nah...
Last edited by panoguy; 04-24-2012 at 07:28 AM.
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