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I guess you mean Panasonic Mega OIS (Mega Optical Image Stabilizer), which help prevent blur image due to camera shake while shooting in low light or long zoom.
Mega OIS is for Panasonic only, same as IS for Canon, VR for Nikon, AS for Konica Minolta or SSS for Sony. Though most are lens base stabilizer, AS and SSS are sensor base stabilizer. It's hard to say which is more effective, most lense base claim to be more effective than sensor base though.