Stabilized Zapruder film? High quality hoax or the real deal?

From WFMU's always excellent "Beware of the Blog"
Picture 1-62 Here's the alleged stabilized Zapruder film that's been making the rounds. Is it a hoax? A hoax of a hoax? The truth revealed? You decide.
Real or not, this is impressive work. Link

Reader comment: Brandon Vessey says: "The stable Zapruder film is indeed real. A couple of years ago in one of my Criminilogy classes we watched a video in which the film was digitally remastered and the film was made stable with visible sprocket holes. I believe the film we viewed is Image of an Assassination."

Reader comment: Gary Lerhaupt says: "The video link seemed like it was lagging so I created a torrent just in case."